5th Dec 2007 14:17
ING UK Real Estate Income Trust Ltd05 December 2007 ING UK Real Estate Income Trust Limited5 December 2007 ING UK Real Estate Income Trust Limited sells Belfast asset to strengthen incomebias ING UK Real Estate Income Trust Limited ("IRET") a Guernsey registeredclosed-ended investment company, has exchanged on the sale of the ScottishProvident Building, Donegall Square West, Belfast for GBP 20.975 millionreflecting a net initial yield of 3.75%. The property is Grade II Listed and comprises a multi-let building with retailunits at ground/mezzanine levels and office accommodation above. The retailaccommodation represents approximately 78% of the current income. Completion of the transaction is due on the 19 December 2007. Commenting, Michael Morris, Fund Manager, said: "This is our sixth disposal this year and was one of the lower yielding assetswithin the portfolio. The upper floors would have required significant capitalexpenditure going forward, which we believe would have had a detrimental impacton an income focused vehicle such as IRET. "The sale will directly enhance the income position and in addition will enableus to reduce the overall level of gearing and Weighted Average Cost of Debt. Weintend to use the proceeds from the sale to reduce our non securitisedborrowings through a transfer of existing assets to our securitised debtfacility." For further information: All enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 ING Real Estate Investment Management (UK) LimitedSelina Sasse, 020 7767 5756, [email protected] Stott, 020 7767 5648 [email protected] Financial DynamicsDido Laurimore/Stephanie Highett, 020 7831 3113 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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