17th May 2006 07:01
ING UK Real Estate Income Trust Ltd17 May 2006 17 May 2006 ING UK Real Estate Income Trust LimitedRe: Magna Park, Lutterworth Further to the statement made on the 2 November 2005 concerning the fire at theTNT Primark Warehouse at Magna Park, Lutterworth, the Board is pleased toconfirm that the development management agreement for the rebuilding of theproperty has been signed. The rebuilding works are underway and are expected tocomplete in June 2006, at which time TNT will reoccupy the building. The existing lease arrangement remains in place and once the building is readyfor occupation, TNT will reoccupy and recommence rental payments, which arecurrently being paid under the insurance policy. Prior to the fire, the company was in discussions with TNT concerning a possibleextension to the existing unit and the construction of an additional unit on anadjacent plotin separate ownership. Although this transaction did not progressfollowing the fire, the board are pleased to confirm that TNT has requested anexternal link block between the company's property and the adjacent plot. In order for the company to grant consent for the link into the adjacent site,the company has received a premium payment (from the adjoining owner) andentered into a profit share agreement in respect of the sale of the building onthe adjacent site. This transaction is expected to realise payments to thecompany in the order of £1,000,000. The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 ENDS Press enquiries: Stephanie Highett/Dido Laurimore, Financial Dynamics020 7831 [email protected]/[email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Picton Prop