30th May 2008 07:00
Wichford P.L.C.
("Wichford" or the "Company")
30 May 2008
Agreement with Land Securities Trillium
Wichford plc announces that they have reached a new agreement with Land Securities Trillium (acting on behalf of the occupiers) on the terms under which 16 properties owned by Wichford plc are occupied.
Legal due diligence is well advanced and both parties hope to conclude the agreement before 24th June 2008.
Following completion, all 16 properties will have a new expiry date of 2023 with a break clause in Trillium's favour of March 2018. In 15 of the properties, the open market rent review clauses are being removed and replaced with a clause linked to consumer price inflation.
As a result of this agreement, Trillium secures continued occupation of these key buildings until at least 2018.
Philippe de Nicolay, Chairman of Wichford P.L.C. commented,
"By entering into this agreement with Trillium, Wichford is continuing to execute its strategy of buying short leases, adding them to the Company's Active Portfolio and seeking to create Core holdings out of the short leases in due course.
"This agreement will benefit the Group by significantly increasing the overall proportion of rents within the portfolio which are subject to indexation and also enhance the Net Asset Value by extending the unexpired lease length for these properties".
For further details, please contact,
Wichford P.L.C.
Philippe de Nicolay 00 33 1 40 74 42 79
Wichford Property Management Ltd
Jamie Hambro 020 7747 5678
Philip Cooper 020 7495 7111
Citigate Dewe Rogerson 020 7638 9571
George Cazenove
Hannah Seward
Notes to Editors
Wichford P.L.C. (UK Listed:WICH) is a property investment company, with a portfolio focused on investment property occupied exclusively by Central and State Government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in Germany, the Netherlands and France.
Related Shares:
RDI.L