10th Jul 2006 10:56
ING UK Real Estate Income Trust Ltd10 July 2006 ING UK REAL ESTATE INCOME TRUST 10 July 2006 ING UK REAL ESTATE INCOME TRUST LTD UTILISES DEBT FACILITY AND MAKES A FURTHERACQUISITION ING UK Real Estate Income Trust Ltd (the "Company") announces that it has nowfully utilised the additional debt facility contained within the securitisationstructure which was established in December 2005. The additional GBP25 million of debt has been issued in the form of AAA ratedReserve Notes and has been fully hedged until 30th January 2013. The total debton the portfolio has increased to GBP225 million at an effective all in rate of5.10%. Simultaneously, part of the proceeds have been used to increase the CentralLondon office exposure. The Company has exchanged contracts to purchase NotcuttHouse, Southwark Bridge Road, SE1. The purchase price of GBP7 million reflects anet initial yield of 5.75%. The property comprises 1,175 sq m (12,653 sq ft) ofair conditioned office space refurbished in 2001 which is let at GBP 426,586 perannum until September 2016 to Conchango UK plc. Fund Manager Elliot Caldwell comments: "This additional debt has enabled us to strategically re-align the portfoliotowards Central London and acquire an asset which provides an attractive incomereturn significantly ahead of our cost of debt. The surplus funds will be usedfor added value active management initiatives and future acquisitions." For further information, please contact: Selina Sasse ING Real Estate Investment Management +44 (0) 20 7767 5756 The Company Secretary +44 (0) 1481 745 439Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL ING Real Estate is an international real estate company active in investmentmanagement, development and finance. With a total business portfolio of EUR 73billion and offices in 17 countries in Europe, America, Asia and Australia, INGReal Estate ranks among the world's strongest real estate companies. ING Real Estate is part of ING Group, a global financial institution of Dutchorigin offering banking, insurance and asset management to over 60 millionprivate, corporate and institutional clients in more than 50 countries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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