Protego Real Estate Investors - Industrial Sale - Kent, Trinity Estate

Date: 26 Apr 2005

Protego Real Estate Investors ("Protego"), the property investment management business which focuses on commercial property investment vehicles and instruments, announces today that it has exchanged contracts on the Trinity Estate in Sittingbourne, Kent for £26.5 million, representing a net initial yield of 6.53%.

Protego acquired the estate on behalf of the UBS Wealth Management-UK Property Fund, a multi-manager property fund for the UBS's international private banking clients, with whom Protego has an asset management agreement.

Trinity is a multi-let industrial estate which is over 400,000 sq ft in area and is let to 35 tenants including Wolsey plc, Iron Mountain (UK) Ltd, Travis Perkins, Tesco and RAC Auto Windscreens Ltd.

Protego was advised by DTZ and the vendors, Wereldhave, by Jones Lang Lasalle.

Commenting, Iain Reid of Protego said: "For a company as young as Protego to be working with UBS is a great endorsement of our team and standing within the market. This is a high quality acquisition and we will continue to look for similar investments which meet the demanding investment targets of our clients."

Simon Camamile of Jones Laing LaSalle added: "There is a strong demand for quality industrial estates in the South East and this sale generated a high level of interest from UK property companies and institutions, as well as overseas investors. Sittingbourne is an especially attractive investment prospect, given that it has low site coverage, a high trade counter unit profile and excellent transport links via the M25 and the new M2."

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