RUGB Rugby Est It

 

TIDMRUGB 
 
RNS Number : 5180E 
Rugby Estates Investment Trust PLC 
21 December 2009 
 

 
 
21 December 2009 
 
 
RUGBY ESTATES INVESTMENT TRUST Plc 
("REIT"/ "COMPANY"/ "GROUP") 
 
 
LETTING TO LONDON AMBULANCE SERVICE AT DATAPOINT, 
LONDON E16 AND RENT REVIEW COMPLETED AT 123 HIGH STREET, GUILDFORD 
 
 
Rugby Estates Investment Trust announces that it has completed the letting of 
Units 1 & 2, Datapoint, Cody Road, London E16 to the London Ambulance Service 
NHS Trust and also a rent review at 123 High Street, Guildford. 
 
 
The 15 year lease on the 19,000 sq ft unit at Datapoint to the London Ambulance 
Service will generate an additional GBP200,000 of income per annum for the 
Company, which is in line with the Estimated Rental Value indicated by CBRE in 
the external valuation commissioned by the Board as at 31 October 2009. 
 
 
The completion of the letting reduces REIT's void rate by 3.9% to 7.1%, compared 
to the IPD average void rate of 13% in October 2009. 
 
 
Datapoint, REIT's third largest asset by capital value, is a modern industrial 
estate located in Stratford, London which is strategically located in close 
proximity to the 2012 Olympic Park. The 51,000 sq ft multi-let property 
comprises eight industrial units and is now fully let. 
 
 
Owens Garside acted on behalf of the London Ambulance Service NHS Trust and DE J 
Levy on behalf of Rugby REIT. 
 
 
REIT has also completed an outstanding review at 123 High Street, Guildford, 
increasing the annual rent to GBP139,000. This is a 32% increase on the current 
passing rent and is line with the Estimated Rental Value indicated by CBRE in 
its most recent valuation. The property is let to Ecco shoes UK Limited. 
 
 
Commenting, Philip Kendall, Chairman of REIT, said: "REIT has a diverse and well 
located portfolio of income producing assets with inherent growth potential and 
the letting to the London Ambulance Service illustrates the ongoing value that 
can be extracted from the portfolio. This is an excellent letting to a strong 
covenant, which will benefit the Company significantly from both increased 
income and a reduced void rate going forward." 
 
 
 
 
+-------------------------------+-------+--------------------------------------+----+ 
| Enquiries:                                                                   | 
+------------------------------------------------------------------------------+ 
| Rugby Asset Management        |       | 020 7016 0050                             | 
+-------------------------------+-------+-------------------------------------------+ 
| David Tye                     |       |                                           | 
+-------------------------------+-------+-------------------------------------------+ 
| Andrew Wilson                 |       |                                           | 
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|                                       |                                      | 
+---------------------------------------+--------------------------------------+ 
| Financial Dynamics                    | 020 7831 3113                        | 
+---------------------------------------+--------------------------------------+ 
| Stephanie Highett                     |                                      | 
+---------------------------------------+--------------------------------------+ 
| Rachel Drysdale                       |                                      | 
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|                                       |                                      | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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