Invista Foundation Property Trust has sold two properties for almost 38 mln. IFPT, which uses Invista REIM as its investment manager, announced it has exchanged contracts to dispose of National Magazine House, London, an office and residential building mainly let for a further 9.5 years to National Magazine Company.
Invista Foundation Property Trust has sold two properties for almost 38 mln. IFPT, which uses Invista REIM as its investment manager, announced it has exchanged contracts to dispose of National Magazine House, London, an office and residential building mainly let for a further 9.5 years to National Magazine Company.
The price agreed is £31.4 mln (EUR 34 mln) with the potential for up to an additional £2 mln linked to the outcome of the outstanding rent review dated 28 September 2008. The price reflects a 6.4% discount to the independent valuation at end-December 2008 of £35.7 mln.
The company is also spinning off a retail and office property let to Royal Bank of Scotland in Brighton for a further 12.5 years. The sale price of £3.5 mln (EUR 3.8 mln) reflects a net initial yield of 5.7% and a premium of 25% above the 31 December 2008 valuation of £2.8 mln (EUR 3 mln).
IFPT said that it will have sold £107 mln (EUR 116 mln) of assets since the announcement of its strategic review in July 2008 following completion of the latest disposals. After that, the company will have a property portfolio valued at £332.4 mln (EUR 360 mln) comprising 62 assets with an average lot size of £5.36 mln (EUR 5.8 mln) based on the independent valuation at mid-December 2008.
