Picton Prop Regulatory News (PCTN)

3 Apr 2008 15:27

ING UK Real Estate Income Trust Ltd03 April 2008 ING UK Real Estate Income Trust Limited 3 April 2008 ING UK Real Estate Income Trust announces GBP 34.2 million of successfulproperty disposals ING UK Real Estate Income Trust Limited ("IRET" / "the Company"), a Guernseyregistered closed-ended investment company, today announces the sale of twoproperties for a total consideration of GBP 34.2 million, underlining thesuccess of its disposal programme. IRET announces the exchange of contracts on retail property at 36 - 42 FrodshamStreet and Frodsham Square, Chester for GBP 32 million. The property, whichcomprises a Tesco Supermarket and adjoining retail units, has been sold to TescoStores Limited. The sale price reflects a net initial yield of 4.84%. The property comprises a total of 8,441 sq m (90,856 sq ft) of retail space andincludes six small retail units within an adjoining retail precinct. IRET has also completed the sale of Globe House, Madeira Road, West Byfleet forGBP 2.2 million reflecting a net initial yield of 7.8%. Globe House, which wasthe smallest asset in the portfolio, provided 893 sq m (9,614 sq ft) of freeholdoffice space multi-let on three separate leases. The two sales reflect a premium of 10.12% ahead of the December 2007 valuation. Commenting, Michael Morris, Fund Manager, said: "We have successfully completed our asset management initiatives andsignificantly increased the income on these assets by over GBP 560,000 sinceacquisition. The disposal of the Tesco Supermarket to a special purchaser provided theCompany with a good opportunity to realise an attractive sale price. Globe Houseis another example of disposing of one of the non-core assets. In common with other recent disposals, these transactions will in due courseenable us to reduce the Company's non securitised borrowings and is consistentwith our model to maximise income and improve our dividend cover." 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) LimitedHelen Stott, 020 7767 5648 helen.stott@ingrealestate.co.uk Financial DynamicsDido Laurimore/Laurence Jones, 020 7831 3113 END This information is provided by RNS The company news service from the London Stock Exchange