Last checked at 28 Sep 2011 10:32
To: RNS
Date: 28 September 2011
From: F&C Commercial Property Trust Limited
Update on Letting
Watchmoor Park, Camberley
The Board is pleased to announce that, at Watchmoor Park, Camberley, an entire building, comprising approximately 60,000 sq ft, has been let to Novartis, one of the world's largest healthcare companies, at a commencing rent of £850,000 per annum for a term of 10 years subject to rent-free periods and break clauses.
The building will be substantially refurbished to a specification agreed with the tenant, involving a capital commitment of approximately £4 million. This is a significant success for the Company and enhances the overall lease expiry profile.
Prior to the letting, the Company had taken an early surrender of a lease of the building which had been due to expire in February 2012. A premium of £2.9 million was received from the tenant to cover full rent, rates and service charges until the end of the lease and, in addition, a dilapidations settlement was agreed. This was the Company's largest lease event due in 2012 and the early surrender enabled the Managers to take a more pro-active stance in relation to the lease and to achieve the largest office letting in the M3 corridor for three years.
All enquiries to:
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
Richard Kirby
F&C REIT Property Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268