Value and Indexed Prop Inc Tst PLC Trading Statement (1546Z)
January 21 2022 - 1:00AM
UK Regulatory
TIDMVIN
RNS Number : 1546Z
Value and Indexed Prop Inc Tst PLC
21 January 2022
21 JANUARY 2022
VALUE AND INDEXED PROPERTY INCOME TRUST PLC
ACQUISITION OF FIVE INDEX-LINKED PROPERTIES FOR GBP30.5
MILLION
Value and Indexed Property Income Trust PLC ("VIP" or "the
Company"), the long, strong, indexed property income specialists,
announces the acquisition in Q4 2021 of five freehold index-linked
properties for a total cost of GBP30.5 million at a 5.6% net
initial yield (bringing the current total portfolio average yield
to 5.7%). VIP is now almost fully invested after its transition to
a predominantly Property Trust.
The five properties purchased were three industrial/warehouse
units in Chester, Stoke on Trent and Westbury, a petrol filling
station in Melton Mowbray and a supermarket in Newport, Isle of
Wight, all with index-linked leases and a WAULT of 10 years and let
to MKM Building Supplies, Arla Foods, BP Oil and Marks and Spencer.
The contracted rent on VIP's property portfolio (43 properties) is
now GBP7.99 million per year, up by 26.1% from 30 September 2021.
96% of all contracted rents are now index-linked or with fixed
increases (65% RPI-linked, 8% CPI-linked and 23% with fixed
increases) and the WAULT is 13 years.
These acquisitions have increased the property portfolio's
industrial weighting to 34% and supermarkets to 23%, with 14% in
pubs, 9% in roadside, 9% other, 6% in hotels and 5% in leisure.
As at 31 December 2021, the Company's total assets were 74.3% in
UK Property (59.8% September 2021), 17.9% UK Equities (16.5%
September 2021) and 7.8% Cash (23.8% September 2021), of which 3.3%
is committed for the completion of the new Premier Inn hotel
development in Alnwick in June 2022.
The property portfolio aims to deliver long term above average
real returns (benchmark MSCI Quarterly Property Index) from a well
spread portfolio mainly of commercial properties.
The Company is now negotiating to raise further long-term fixed
rate debt to deploy in similar index-linked property
acquisitions.
END
Enquiries:
OLIM Property Limited, Investment Manager
Tel: 020 7846 3252
Matthew.oakeshott@olimproperty.co.uk
Louise.cleary@olimproperty.co.uk
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END
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