ING UK Real Estate Income Trust Limited (IRET)
1 April 2010
ING UK Real Estate Income Trust Ltd ("IRET" / "the Company"), a Guernsey registered closed-ended investment company, today provides an update on recently completed asset management successes across its portfolio.
Northampton Business Park
The Company has secured a new 26,000 sq ft letting at its multi-let office building at Northampton Business Park. Ricoh, a leading global printing outsource company, has signed a new five year lease at a rent of GBP 350,000 per annum. This transaction returns the asset to full occupancy following a lease expiry in November last year and will increase the annualised income of the asset from GBP 550,000 to GBP 696,000.
Lincoln Place, Farringdon Road, London
The Company has also negotiated a surrender of the lease of this 32,000 sq ft office building located close to Farringdon tube station. Merrill Lynch, which had a tenant break option in September 2010, will pay over GBP 4 million - equivalent to over 40 months rental income - to effect an early surrender.
Merrill Lynch will vacate the property in April 2010, enabling the Company to refurbish the accommodation with a view to re-letting, whilst at the same time being able control and progress a much longer term potential redevelopment of the site.
In four other separate transactions across the retail, office and industrial sector, the Company has concluded lettings which will add a further GBP 149,000 per annum to the rent roll.
Michael Morris, Fund Manager, commented:
"These asset management successes reflect the ongoing work across our portfolio to maximise income from each property whilst ensuring we can enhance asset values over the long term."
For further information:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
Tel: 01481 745529
Fax: 01481 745085
ING Real Estate Investment Management (UK) Limited
Helen Stott, 020 7767 5648, email@example.com
Dido Laurimore/Laurence Jones, 020 7831 3113