LONDON (ShareCast) - F&C Commercial Property Trust has acquired a long leasehold in a new production and distribution warehouse in Liverpool for £11.9m.

The site is entirely let to Johnson Controls Automotive for a 15-year term at a passing rent of £812,050 per annum. Johnson Controls manufacture the car seats for the Jaguar Land Rover (JLR) Evoque, which is produced at the nearby JLR Halewood plant.

"This acquisition provides a brand new purpose built warehouse, let to a strong covenant located in an established industrial location which is benefitting from the significant growth and success of the JLR plant at Halewood," the group said.

The group also reported a 5.7% quarterly rise in its net asset value (NAV) to 115.1p at the mid-year point.

The unaudited NAV total return per share for the quarter ended June 30th was 7.1%, compared with a total return of 5.1% from the IPD monthly index.

The group's share price had climbed 0.25% to 120.50p by 13:20.

NR

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