26th Mar 2009 16:36
To: RNS
From: IRP Property Investments Limited
Date: 26 March 2009
IRP Property Investments Limited
Disposal of 48-49 St James's Street, London SW1
On 26 March 2009, IRP Property Investments Limited ("IRP") disposed of its office propertyin St James's Street for £16.0 million, at an initial yield of 4.35 per cent.
The property was acquired by IRP on 1 June 2004 for a cost of £10.0 million and its valuation as at 31 December 2008 was £14.45 million, making it the second largest property in the Company's portfolio.
The cash proceeds from this sale have reduced the net borrowings of the Company to approximately £44.0 million, giving a pro-forma Loan to Value ('LTV') percentage of 28 per cent, based on the 31 December 2008 valuations. This compares with an actual LTV of 38 per cent as at 31 December 2008.
The Company will be releasing its 31 March 2009 net asset value in April 2009.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes Banques
St Peter PortGuernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
Ian McBrydeScott MacraeF&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
Related Shares:
BREI.L