16th Dec 2009 14:47
16 December 2009
Invista Foundation Property Trust Limited (the 'Company' / 'Group')
DISPOSAL OF STAKE IN PORTMAN SQUARE HOUSE, LONDON W1
Invista Foundation Property Trust Limited announces that it has exchanged unconditional contracts to sell its 21.6% share in the joint venture that owns Portman Square House, London W1 for £23.11 million, as part of a disposal of the entire long leasehold property interest. Completion of the transaction is expected on 31 March 2010. The Company's share in the property currently produces a rental income of £1.88 million per annum.
The price reflects an uplift of £3.13 million or 16% compared with the independent valuation as at 30 September 2009 of £19.98 million. Portman Square House is let at an average office rent of £79.34 per sq ft and has an average unexpired lease term of 5.65 years.
The disposal follows the successful completion of a significant rent review in October 2008 and supports the Company's strategy of selling assets where asset management initiatives have been completed. The Company expects to invest the proceeds in new acquisitions and ongoing income enhancing asset management initiatives. Further details will be provided in the next quarterly Net Asset Value announcement in January 2010.
-ENDS-
For further information:
|
Invista Real Estate Investment Management Duncan Owen |
020 7153 9300 |
|
Northern Trust David Sauvarin |
01481 745529 |
|
Financial Dynamics Dido Laurimore / Rachel Drysdale |
020 7831 3113 |
Related Shares:
Schroder Real