To: RNS
Date: 31 July 2015
From: F&C Commercial Property Trust Limited
Acquisition of Property
The Board announces that, on 31 July 2015, the Company completed the acquisition of Abstract (Crawley) Limited, the single ownership vehicle of The Leonardo Building. The property comprises a Grade A Headquarters Office Building occupying a prime location within the Crawley Business Quarter, Manor Royal, Crawley. The Leonardo Building is currently under construction with practical completion expected 31 December 2015 and completion of Category A specification scheduled for 31 March 2016.
The Leonardo Building provides 110,545 sq ft net internal area of accommodation and benefits from a strong office tenant in Virgin Atlantic Ltd with an attractive overall weighted unexpired term in excess of 16.5 years, with an 18 month rent free period, off an initial rent of £23.00 per sq ft.
The total consideration upon completion of the development will be £45.3 million. This is a significant transaction for the Company and provides it with exposure to an attractive office market in the South East of England with very limited new supply, providing strong rental growth potential. The property will be income producing, generating rental income of approximately £2.5 million per annum, equivalent to a net initial yield of 5.3 per cent.
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
