Company News in Brief

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Regalian Properties has reduced its debt further with the sale of Red Lion Court, its investment property at Southwark Bridge, London, for pounds 38.25m. Red Lion Court is let to Lloyds Bank at a rent of pounds 4.3m a year, giving the purchaser - a German investment company - an initial gross yield of more than 11 per cent. The sale brings the total raised by Regalian since its March year-end to pounds 50m, cutting its borrowings from pounds 130m to pounds 80m, about two- thirds of net assets.

Trust Of Property Shares, the investment trust, failed to pay an interim dividend for the 26 weeks to 30 June. Net asset value per share declined from 77.31p to 69.02p.

NFC, the transport, logistics and property company, via its subsidiary Extel Logistics, has bought Trammell Crow Distribution Corporation and its subsidiaries, based in Dallas, Texas, for dollars 8m ( pounds 4.2m). TCDC is a public and contract warehousing business.

Swallowfield, the aerosols maker, has bought Parbel, a Brussels based lipsticks and mascaras maker, for pounds 925,000 in cash.