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Value & Indexed Property Income Trust PLC said on Friday it acquired a freehold leisure investment at Coventry Crosspoint Business Park. Value & Indexed Property is a Glasgow, Scotland-based investment trust company. It invests mainly in directly held UK commercial property. The firm said the acquisition is worth £7.8 million at a net yield of 7.4%. Rental income from this property totals around £600,000, the company said. Value & Indexed Property said the acquisition completes its transition to a fully invested property investment trust, with its dividend fully covered by contracted rental income. The company also noted the completion of three long-let property purchases in the year ended March 31, which were purchased for £25.5 million. This includes the Coventry leisure park investment. Value & Indexed Property said 100% of rent was collected at year-end, with 60% of rental income coming from its top six tenants, which includes Marks & Spencers PLC, Premier Inn and J Sainsbury PLC. The company also said Savill’s year-end independent valuation of its portfolio totalled £150.5 million at a net yield of 5.8%, compared to £157.6 million in September 2022. Shares were down 2.0% at 203.80 pence in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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