F&C Comms Property acquires warehouse, reports rise in NAV

21st Jul 2014 13:09

F&C Commercial Property Trust has acquired a long leasehold in a new production and distribution warehouse in Liverpool for £11.9m.The site is entirely let to Johnson Controls Automotive for a 15-year term at a passing rent of £812,050 per annum. Johnson Controls manufacture the car seats for the Jaguar Land Rover (JLR) Evoque, which is produced at the nearby JLR Halewood plant. "This acquisition provides a brand new purpose built warehouse, let to a strong covenant located in an established industrial location which is benefitting from the significant growth and success of the JLR plant at Halewood," the group said. The group also reported a 5.7% quarterly rise in its net asset value (NAV) to 115.1p at the mid-year point. The unaudited NAV total return per share for the quarter ended June 30th was 7.1%, compared with a total return of 5.1% from the IPD monthly index. The group's share price had climbed 0.25% to 120.50p by 13:20.NR