RNS Number : 8978B
ING UK Real Estate Income Trust Ltd
22 August 2008
 



22 August 2008



ING UK Real Estate Income Trust Limited


ING UK Real Estate Income Trust announces a further disposal


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 a retail warehouse asset at 9/17 Western Road, Mitcham for GBP 4.5 million. 


The property comprises two retail warehouse units, totalling 16,716 sq ft (1,553 sq m) one unit is let to Netto on a lease that expires in 2009 and there is an additional unit which is currently vacant.  The asset currently generates a net rental income of GBP 131,400 per annum and the sale price reflects a net initial yield of 2.8%.


The sale is in line with IRET's strategy to reduce the number of smaller assets within the portfolio with a view to reducing overall debt within the vehicle, and follows a number of other recent disposals.  Completion is scheduled for October 2008.


Commenting, Michael Morris, Fund Manager, said:


"We facilitated this owner occupier disposal through a surrender of an existing occupational lease and we are pleasedparticularly in the current marketto have made a disposal at a price that is both NAV and income accretive." 


For further information:


All Enquiries


The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL


Tel:    01481 745439

Fax:    01481 745085


ING Real Estate Investment Management (UK) Limited

Helen Stott, 020 7767 5648, helen.stott@ingrealestate.co.uk


Financial Dynamics

Dido Laurimore/Laurence Jones, 020 7831 3113


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