Completion of Group Refinancing

To: RNSFrom: F&C Commercial Property Trust LimitedDate: 2 January 2015 Completion of Group Refinancing Further to the announcements made by the Company on 7 and 11 November 2014,the Board is pleased to announce that, on 31 December 2014, the Groupdrew downin full the £260 million available under the ten year term loan facilityagreement with Legal & General Pensions Limited ("L&G"). The transaction wasconducted by L&G's lending arm, LGIM Commercial Lending Limited. As previously announced, the L&G loan was provided to the Group for thepurpose of refinancing the £230 million of secured bonds (the "Bonds") and a£30 million term loan facility provided by Barclays Bank plc, both of whichwere due for repayment on 30 June 2015. On 28 November 2014, F&C Commercial Property Finance Limited announced that ithad served irrevocable notice of mandatory redemption of the Bonds. The Boardconfirms that the Bonds were redeemed in their entirety today. Under the termsof the Bonds, the Group was required to pay an early repayment premium, basedon UK Gilt yields on the date of repayment. The amount paid was £5.6 million(which compares to £5.5 million stated in the circular dated 16 October 2014).The £30 million term loan facility was repaid on 31 December 2014 and theinterest rate swap relating to this loan has been broken. Following this refinancing, the Group's borrowings comprise the £260 millionL&G loan and a £50 million term loan facility provided by Barclays Bank plc.This amounts to £310 million and represents 24.6 per cent of the total assetsof the Group as at 30 September 2014. As previously announced, the interestrate on the L&G loan is 3.32 per cent per annum. The weighted average interestrate on the Group's borrowings is 3.57 per cent. For further information please contact: Richard Kirby, F&C REIT Property Asset Management plcTel: 020 7499 2244 Graeme Caton, Winterflood Securities LimitedTel: 020 3100 0268