17th Mar 2006 17:10
Insight Foundation Property Tst Ltd17 March 2006 Insight Foundation Property Trust Limited invests £27.55 million in a core West End Building. 17 March 2006 Insight Foundation Property Trust Limited ("the Company") announces that it hasexchanged contracts to invest £27.55 million in the joint acquisition of thelong leasehold interest in Portman Square House, 43-45 Portman Square, LondonW1, for a total consideration of £127.550 million. Completion is expected inJuly 2006 on receipt of freeholder consent. The investment reflects anequivalent yield of approximately 5% assuming current rental values. Theproperty will be managed by Insight Investment Management. Portman Square House is in a core West End location comprising approximately100,000 sq ft of Grade A office accommodation with large floors, and 10,000 sqft of ground floor retail. The property is let to a total of 8 tenants with atotal current net income of £4.77 million per annum, equating to a low baseoffice rent of approximately £42 per sq ft (£452 per sq m). The largest tenantis the international property consultancy, Cushman Wakefield. The property isreversionary with key rent review on the office space in 2008 that should bewell timed to benefit from forecast West End rental growth. Enquiries: - Duncan Owen (Insight Investment Management) 020 7321 1677Paul Smith / Sara Radford (RBSI Fund Services (Guernsey) Limited) 01481 743000Stephanie Highett / Dido Laurimore (Financial Dynamics ) 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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