To:   RNS
From: F&C Commercial Property Trust Limited
Date: 2 January 2015

Completion of Group Refinancing

Further to the announcements made by the Company on 7 and 11 November 2014,
the Board is pleased to announce that, on 31 December 2014, the Groupdrew down
in full the £260 million available under the ten year term loan facility
agreement with Legal & General Pensions Limited ("L&G"). The transaction was
conducted by L&G's lending arm, LGIM Commercial Lending Limited.

As previously announced, the L&G loan was provided to the Group for the
purpose of refinancing the £230 million of secured bonds (the "Bonds") and a
£30 million term loan facility provided by Barclays Bank plc, both of which
were due for repayment on 30 June 2015.

On 28 November 2014, F&C Commercial Property Finance Limited announced that it
had served irrevocable notice of mandatory redemption of the Bonds. The Board
confirms that the Bonds were redeemed in their entirety today. Under the terms
of the Bonds, the Group was required to pay an early repayment premium, based
on UK Gilt yields on the date of repayment. The amount paid was £5.6 million
(which compares to £5.5 million stated in the circular dated 16 October 2014).
The £30 million term loan facility was repaid on 31 December 2014 and the
interest rate swap relating to this loan has been broken.

Following this refinancing, the Group's borrowings comprise the £260 million
L&G loan and a £50 million term loan facility provided by Barclays Bank plc.
This amounts to £310 million and represents 24.6 per cent of the total assets
of the Group as at 30 September 2014. As previously announced, the interest
rate on the L&G loan is 3.32 per cent per annum. The weighted average interest
rate on the Group's borrowings is 3.57 per cent.

For further information please contact:

Richard Kirby, F&C REIT Property Asset Management plc
Tel: 020 7499 2244

Graeme Caton, Winterflood Securities Limited
Tel: 020 3100 0268