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Wichford sells Archway Tower property to Scarborough Property for 11.04 mln stg

LONDON (Thomson Financial) - Property investment company, Wichford PLC said it has sold its long leasehold property at Archway Tower in London to Scarborough Property Group for 11.04 mln stg. The property is currently let to the UK government on a 42 year lease expiring in Dec 2009. The sale price compares favourably both with the total book cost of 10.17 mln stg when the property was acquired in September 2005 and the valuation of 9.5 mln stg in March, the release said. Wichford said the proceeds from property sales will be used for the company's on-going expansion into continental Europe. The company now owns properties in Germany, the Netherlands and France and the split of the company's portfolio is 75.8 pct in the UK and 24.2 pct in Europe. ndi/aku/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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