8th Nov 2005 08:05
Insight Foundation Property Tst Ltd08 November 2005 8th November 2005 Insight Foundation Property Trust Limited Acquisition of National Magazine House, Broadwick Street, London, W1 Insight Foundation Property Trust Limited ("the Company") announces that it hascompleted on the acquisition of National Magazine House, 72 Broadwick Street, W1from Shaftesbury PLC for £45.05 million reflecting a net initial yield of 5.29%.The property is the London headquarters of publisher The National MagazineCompany whose titles include Harpers & Queen, Cosmopolitan and Esquire. The National Magazine Company Limited has a 15 year lease expiring in September2018 on this 55,000 sq ft (5,110 sq m) office building at an annual rent of£2.27 million, equating to £40 per sq ft (£430.56 per sq m). The property alsocomprises 11 flats totalling 11,000 sq ft (118 sq m) producing over £250,000 ofrental income per annum. There is a rent review on the office space in 2008that should be well timed to benefit from West End rental growth. The transaction follows the recent £100 million C Share issue which wasundertaken by the Company to enable it to re-weight its investment portfoliotowards the Central London and South East of England office markets. InsightInvestment believes that increasing the Company's weightings towards thesesectors of the property market will improve the anticipated returns forShareholders. Commenting on the transaction, Duncan Owen, Managing Director, Property, atInsight Investment, said: "We are very pleased to have concluded our third major Central Londonacquisition this year realising our strategic ambition of increasing theCompany's weighting to this area of the market. "National Magazine House offers the Company exposure to a well located assetwith a secure covenant in an improving area of Central London where there is ashortage of good quality buildings offering large clear floorplates." -ENDS- Enquiries: Duncan Owen (Insight Investment Management) Tel: 020 7321 1676 Paul Smith / Jeff Lanyon (RBSI) Tel: 01481 740 820 Stephanie Highett / Dido Laurimore (Financial Dynamics) Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder RealSHB.L