TR Property Inv. Sells Cambridge Property For GBP6.7M

15th Jun 2010 08:24

LONDON (Dow Jones)--TR Property Investment Trust Plc (TRY.LN), an investment trust, managed by Thames River Capital LLP, announced Tuesday it has completed the sale of the leasehold interest in Unit 270, Cambridge Science Park, Cambridge, from the Ordinary share class portfolio for a sale price of GBP6.7 million. MAIN FACTS: -Sale price reflects a net initial yield of 9.0% and a gross capital value per sq ft of GBP182 per sq ft. -The sale price is ahead of the March 2010 Book Value. -The property is held on a 125 year lease expiring in December 2112 at a geared rent of 15% of the rents receivable. -The freehold is owned by Trinity College, Cambridge. -The 38,900 sq ft office building was built in 1989 and is let in its entirety to Worldpay Ltd, a wholly owned subsidiary of Royal Bank of Scotland Plc (RBS.LN), on a lease expiring in December 2015 at a gross rent of GBP750,000 per annum (GBP19.28 per sq ft overall). -Following completion of the sale, direct property holdings in the Ordinary share class portfolio will total 9% of gross assets. The Trust plans to reinvest the proceeds of the sale back into physical property. -Shares at 0722 GMT down 2.30 pence, or 1.59%, at 141.90 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 15, 2010 03:24 ET (07:24 GMT)