Invista Foundation Property Trust has sold £34.2m of properties, bringing its total disposals since its strategic review in January to £107m.

The cash raised by two sales will reduce the trust’s loan to value ratio to 40% and generate cash holdings of £81.7m.

It has exchanged contracts to dispose of National Magazine House, an office and residential building in London, Soho, for £31.4m at a 6.4% discount to the December valuation price of £35.7m.

The building is let for another nine and a half years to National Magazine Company and could go for an additional £2m depending on the outcome of a September rent review.

The trust has also exchanged contracts to sell a retail and office property in Brighton let to Royal Bank of Scotland for 12.5 years for £3.5m at a 5.7% yield.

Upon completion, this sale would represent a 25% increase on the price of its December valuation of £2.8m.

The trust also said that the BBC had signed a lease at Reynards Business Park in Brentford, London, for £702,000 a year for a further four years with a tenant only break option after two and a half years – reflecting an uplift of 9% on the terms in the previous lease.

In addition, it achieved a 41% rental uplift in the rent paid by Cineworld for its occupation of The Galaxy in Luton, from £321,000 a year to £452,000 a year.

The recent spate of deals means that the trust will have a 62-property portfolio worth £332.4m, with an average lot size of £5.36m, annual rent of £24.9m and a net initial yield of 7%.

It said that following the expiry of contractual rent-free periods this year the annual rent will rise to £26.5m and the yield will increase to 7.4%.