ING UK Real Estate Income Trust Limited (IRET)
23 June 2009
ING UK Real Estate Income Trust Limited Makes Further Disposal To Complete Debt Restructuring Obligations
ING UK Real Estate Income Trust Ltd ("IRET" / "the Company"), a Guernsey registered closed-ended investment company, today announces that it has exchanged contracts for the sale of an office property at St James Parade, Bristol for a total consideration of GBP 5.63 million. The price is in line with the March valuation and completion is due in July.
Together with the sale announced on 9 June 2009, this transaction will enable the Company to fully repay GBP 35 million of securitised debt in July, ahead of the agreed timetable for prepayment.
IRET has now exchanged or completed on GBP 122 million of sales since June 07, which were at a 11.6% premium to their acquisition price and -12.9% discount to the June 2007 valuation. It is expected that future disposals will be made on a selective basis where capital can be redeployed more effectively.
For further information:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745480
Fax: 01481 745085
ING Real Estate Investment Management (UK) Limited
Helen Stott, 020 7767 5648, email@example.com
Dido Laurimore/Laurence Jones, 020 7831 3113