19th Aug 2005 07:00
Grainger Trust PLC19 August 2005 FOR IMMEDIATE RELEASE19th August 2005 GRAINGER SELLS LANDMARK PLACE FOR £22.5m Grainger Trust plc ("Grainger"), the UK's largest quoted residential propertyinvestment and trading company, today announces that it has completed the saleof Landmark Place, Slough to GE Commercial Finance Real Estate for £22.5m cash.This reflects a surplus of approximately £2m over the last balance sheetvaluation. Developed in 2003, Landmark Place comprises 75,000 sq ft (6,967 sq m) of Grade Aoffices and a leisure club let to LA Fitness. Slough Borough Council occupies18,000 sq ft (1,672 sq m) of space on the ground floor, with the remaining57,000 sq ft (5,295 sq m) of space available to let. The building currently generates rental income of £138,000 pa which rises to£563,000 a year following the expiry of rent free periods. Rupert Dickinson, Chief Executive of Grainger, said: "This transaction completesour commitment to sell our principal commercial assets and focus activity on theresidential sector." EndsContacts:Rupert Dickinson, Chief Executive,Grainger Trust. Tel: 020 7795 4700Andrew Cunningham, Deputy Chief Executive& Finance Director, Grainger Trust. Tel: 0191 261 1819Baron Phillips, Baron Phillips Associates. Tel: 020-7920-3161 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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