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News Release

London

AEGON sell Puma Trade Park, Mitcham for 5.60% NIY


London, 18 August 2011 - AEGON has sold Puma Trade Park, Morden, Mitcham to Ignis UK Property Fund for £8,075,000 reflecting a net initial yield of 6.05% (5.60% NIY net of the rental guarantee on the vacant unit).

The freehold property is prominently located on Morden Road which links directly with the A24 and A217 in the London Borough of Merton. Puma Trade Park, constructed in 1999, comprises eleven units arranged in three terraces extending in total to approximately 4,399.8 m² (47,359 sq ft) with unit sizes ranging from 267.7 m² (2,882 sq ft) – 503.2 m² (5,416 sq ft) on a 2.33 acre site.

The property is let on six FRI leases to occupiers including Topps Tiles, Volkswagon and Halfords.  The average weighted unexpired term is approximately 8.25 years to the earliest termination with a total passing rent of £516,891 per annum, including the 12 month rental guarantee on the vacant unit.  The rents range from £9.17 per sq ft up to £14.47 per sq ft.

The initial yield is the keenest paid for an industrial estate since the down turn in 2007.

Jones Lang LaSalle acted for AEGON and Colliers International advised Ignis.