9th Oct 2006 10:25
ING UK Real Estate Income Trust Ltd09 October 2006 ING UK Real Estate Income Trust Limited Disposal of Scorpio Inns Public House Portfolio 9 October 2006 ING UK Real Estate Income Trust Limited announces that it has disposed of theScorpio Inns Public House Portfolio, to the occupying tenant, Punch Taverns. The disposal of the portfolio follows the tenant, Punch Taverns, exercising oneof three remaining options, and acquiring a third of the portfolio in September2006 for GBP 2.99 million. The remaining properties were sold on 6 October 2006. The proceeds to the Company (including the above option amount) reflect GBP17.55 million against a valuation at launch of GBP 14.55 million. Background:- The Public House portfolio originally comprised 69 public houses, located inrural, suburban and city centre areas, principally in Wales, Herefordshire andSouth West England. It was let to Punch Taverns until October 2016 and thetenant had the option to acquire one third of the portfolio in 2006, one half in2011 and the remainder in 2016. The purchase price at each option was at a setcapitalisation rate based on the passing rent at the time of each option. Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745439 Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Picton PropPunch Taverns PLC