F&C Commercial Property Trust reveals double acquisition

20th Jan 2014 13:20

F&C Commercial Property Trust said Monday that it had completed the acquisition of one property and conditionally exchanged contracts for the acquisition of another.However, investors were left unimpressed after the group said the completion of four pre-let office blocks in Aberdeen had been pushed back from October 2013 to the first quarter of 2014. The FTSE 250-listed group acquired a retailer warehouse in Solihull that two purpose built retail warehouses, totalling approximately 13,439 sq ft, let to national retailers Magnet and Multiyork Furniture, with a weighted average unexpired term of 8.4 years. The property, which was acquired for £4.5m, has a total rent passing of £326,784 a year. The conditional contract was exchanged on a West London property, which has a £6.5m price tag and is scheduled for completion in April this year. The transaction is conditional on securing full vacant possession of the property. F&C said the acquisition would provide it with "an attractive redevelopment opportunity". The share price declined 0.4% to 123.80p by 13:25 on Monday. NR