Acquisition
July 20 2009 - 7:40AM
UK Regulatory
TIDMFCPX
RNS Number : 9562V
F&C Commercial Property Trust Ltd
20 July 2009
20 July 2009
?F&C COMMERCIAL PROPERTY TRUST LIMITED ('the Company')
Purchase of Property
The Board is pleased to announce that, on 17 July 2009, the Company exchanged
contracts to purchase Site E4, Daventry International Rail Freight Terminal
(DIRFT) Logistics Park, Daventry, for GBP17.25 million representing a net
initial yield of 9.05%. DIRFT Logistics Park is one of the UK's premier
distribution and logistics parks located adjacent to junction 18 of the M1
motorway.
The property, constructed in 2005, comprises a well-specified distribution
warehouse of approximately 300,000 sq ft and is let to Excel Europe Ltd until 31
May 2015 at a current passing rent of GBP1,650,000 per annum. The tenant
operates, under contract, Mothercare's national distribution centre from the
property.
This is the first acquisition by the Company since its launch in March 2005. The
purchase, to be made from the Company's available cash resources, will enhance
the Company's revenue account and dividend cover. Completion of the purchase is
scheduled for 29 July 2009.
All enquiries:
Richard Kirby
F&C REIT Asset Management LLP
Tel: 0207 016 3577
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745324
Fax: 01481 745051
This information is provided by RNS
The company news service from the London Stock Exchange
END
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