Disposal of Property
May 26 2011 - 6:33AM
UK Regulatory
TIDMIPI
Invesco Property Income Trust Limited
HEADLINE: Disposal of Property
The Directors of Invesco Property Income Trust are pleased to announce the
simultaneous exchange and completion of the sale of the Pegasus House,
Peterborough, for GBP11.5 million.
In the final quarter of 2010, an additional 7 year lease extension was agreed
with the existing tenant, providing 10 years certain from June 2010, at the
same rent. The valuation as a result was increased from GBP7.89m to GBP11.5m, a 46%
increase. The sale price matches the March 2011 valuation.
The net proceeds of sale will be used to repay bank borrowings and interest
rate swaps.
Commenting on this disposal, Richard Barnes, Chairman of the Company, said:
"We are very pleased to have crystallised the value created through the asset
management success. The sale enables the Company to continue the ongoing
reduction in its borrowing levels. "
All enquiries
Invesco Asset Management Ltd
Angus Pottinger
020 7065 3714
Rory Morrison
020 7543 3500
26 May 2011
END
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