ING UK Real Estate Income Trust, a Guernsey registered closed-ended investment company, has announced the sale of an office property at Arena Court, Crown Lane, Maidenhead, for £9.68 mln (EUR 11.25 mln). The deal is expected to be completed later this month.
ING UK Real Estate Income Trust, a Guernsey registered closed-ended investment company, has announced the sale of an office property at Arena Court, Crown Lane, Maidenhead, for £9.68 mln (EUR 11.25 mln). The deal is expected to be completed later this month.
The sale follows a lease restructuring last year, which moved the tenant expiry from 2009 to 2019. The sale price reflects a yield of 9% and is in line with the March valuation.
Upon completion ING UK REIT will hold approximately £34 mln within its securitised facility, which it will use to prepay the loan as agreed under the terms of the restructuring announced recently.
The disposal is part of ING UK's ongoing strategy to dispose of assets where the business plan has been completed to provide further covenant headroom, fund manager Michael Morris, said. 'Following the changes agreed to the Company’s securitised loan facility in May this will further help to ensure the business maintains operational flexibility and supports a fully covered dividend.'
