8th Nov 2005 08:02
Shaftesbury PLC08 November 2005 Shaftesbury PLC For immediate release Disposal Shaftesbury PLC the specialist West End property investment company announcesthat on 7th November it completed the sale of its freehold office andresidential investment, known as National Magazine House, 66-72 BroadwickStreet, London W1, for £45.05 million to Insight Foundation Property TrustLimited. This investment comprises 55,000sq.ft. of offices let to The National MagazineCompany until 2018 and 11 flats. The total current income is approximately £2.5million per annum. Shaftesbury has retained a 999 year leasehold interest in the 7 shops on theground floor and basement, comprising 14,500 sq.ft. The shops are fully let andthe current income is approximately £1 million per annum. Whilst in the short term, the cash received will be used to repay debt,Shaftesbury expects to reinvest the proceeds in new projects within its coreareas of the West End with an emphasis on retail and restaurant uses. For further information contact: Shaftesbury PLC cityPROFILEJonathan Lane, Chief Executive Simon CourtenayBrian Bickell, Finance Director Oliver Winters020 7333 8118 020 7448 3244www.shaftesbury.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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