Business
Disposal
Disposal.
About this update from Fletcher King Plc
[{"type":"text","content":"\n Fletcher King PLC\n17 August 2006\n\n\nFOR IMMEDIATE RELEASE\n\n\n FLETCHER KING PLC\n £25 million sale of SHIPS 1 commercial property portfolio\n\n\nFletcher King PLC ('Fletcher King'), the London based Chartered Surveyors and\nProperty Fund Managers, today announces the sale of the commercial property\nportfolio of the Stratton House Investment Property Syndicate 1 ('SHIPS 1') to\nScottish Widows' UK Balanced Property Trust for £24.78 million representing a\nnet initial yield of 5.9%. Colliers CRE acted on behalf of Scottish Widows.\n\nSHIPS 1 is an unregulated 5 year term investment syndicate. It was formed by\nFletcher King in 2002 with investment subscriptions of £6.25 million, including\n£250,000 of Fletcher King money, a target income yield of 8% and an overall\nreturn target of 15%.\n\nBy 2004 the syndicate was fully invested and the sale of the portfolio today\ngives the SHIPS 1 investors a return in excess of 35% p.a. on their equity.\n\nCommenting, David Fletcher, chairman of Fletcher King said:\n\n'The success of SHIPS 1 is strong evidence of our capabilities as investment\nfund managers, which is the fastest growing part of our business. Our £35\nmillion property investment syndicate, SHIPS 04, which was formed in 2004 is\nalready fully invested and, we are about to launch a new regulated commercial\nproperty investment fund.'\n\n END\n\n\nFor further information please call:\n\nDavid Fletcher / Richard Goode, Fletcher King 020 7493 8400\nChristopher Joll, MJ2 020 7491 7776\nDominic Amey, Colliers CRE 020 7344 6604\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]