22nd Jul 2008 07:00
Wichford P.L.C.
("Wichford" or the "Company")
Completion of Land Securities Trillium Transaction
Further to the announcement made on 30 May 2008, Wichford plc, the property investment company, is pleased to confirm that the transaction has now completed. Sixteen of Wichford's properties have under this transaction benefited from altering the terms under which they are occupied. All the leases have been extended to 2023 with a break clause in Trillium's favour in March 2018.
In 15 of the properties the open market rent reviews clauses are being removed and replaced with a clause linked to UK Consumer Price inflation. This takes the level of indexation within Wichford's rental income to just over 55%. Following completion some 7 properties have been transferred from the company's Active Portfolio to the Core Portfolio.
Philippe de Nicolay, Chairman of Wichford Plc commented:
"We are delighted that the deal with Trillium has now completed. The Company continues to demonstrate that its strategy of buying short leases and seeking to manage them actively is the right one. The effect of this transaction is to secure long-term, index-linked income, lengthen the average unexpired lease, and increase the overall value of the Wichford portfolio."
For further details, please contact:
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Wichford P.L.C. |
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Philippe de Nicolay |
00 33 1 40 74 42 79 |
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Wichford Property Management Ltd |
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Jamie Hambro |
020 7747 5678 |
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Philip Cooper |
020 7495 7111 |
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Michael Watters |
020 7811 0100 |
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Citigate Dewe Rogerson |
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George Cazenove / Hannah Seward |
020 7638 9571 |
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 and France.
Related Shares:
RDI.L