ING UK Real Estate Income Trust Limited (IRET)
9 July 2009
ING UK Real Estate Income Trust makes further asset disposals and enhances occupancy rate
ING UK Real Estate Income Trust Ltd ("IRET" / "the Company"), a Guernsey registered closed-ended investment company, today announces that it has exchanged contracts on the sale of two assets for a total consideration of GBP 14.1 million reflecting a 1% discount on their March Valuation.
In one of the largest occupier led transactions in the North West M25 office market, IRET has exchanged contracts to sell a vacant office building in Watford to an owner occupier. The transaction, which reduces the void rate within the portfolio from 9% to 7% was achieved following the grant of planning permission to reconfigure access to the property.
In a separate transaction IRET has exchanged contracts to sell a distribution unit at Ravensbank Business Park, Redditch. The unit, leased to SP Group Ltd until 2021 was sold for GBP 7.3 million.
Michael Morris, Fund Manager commented
"In the current market to achieve an owner occupier disposal, of our largest void within the portfolio, is a real achievement.
"The proceeds from these disposals will provide the Company with further covenant headroom, increased operational flexibility and enable IRET to undertake further projects which will provide opportunities to enhance both the income and capital position of a number of other assets within the portfolio."
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