Threadneedle UK Property Trust has purchased 13 properties in the UK from AIM-listed Conygar Investment Company for 拢32.8 mln (about EUR 36 mln).
Threadneedle UK Property Trust has purchased 13 properties in the UK from AIM-listed Conygar Investment Company for 拢32.8 mln (about EUR 36 mln).
Conygar said the consideration was 19% above the company's independent portfolio valuation at end-September 2009. Completion is expected to occur on 15 December 2009. The sale price reflects a combined net initial yield of 7.45%.
The portfolio was part of the properties acquired following the recent takeover by Conygar of The Advantage Property Income Trust (TAP). This transaction brings the value of assets disposed from the TAP portfolio to 拢37 mln. The valuation of the remaining TAP portfolio is 拢121 mln, with net annual rent of approximately 拢11 mln.
