Ace Liberty & Stone PLC Statement re Property Transaction (5300I)

TIDMALSP

RNS Number : 5300I

Ace Liberty & Stone PLC

27 November 2018

ACE LIBERTY AND STONE PLC

("Ace" or "the Company")

PURCHASE OF MECCA BINGO HALL IN THRIVING PEAK DISTRICT TOWN

STRENGTHENS REGIONAL PROPERTY PORTFOLIO

Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is delighted to announce that it has completed the purchase of Mecca Bingo Hall in Chesterfield for a total consideration of GBP3,999,000; the asset is expected to generate an income of GBP388,238 per annum.

The property, which is let to Mecca Bingo Ltd for the next 10 years, occupies a large site west of Chesterfield town centre and is close to large blue chip consumer retailer Lidl. Other retail warehouse occupiers within the vicinity include Wickes, Carpetright and Matalan. Furthermore, the principal out of town Retail Park for Chesterfield is situated close by on Ravenside Retail Park, where retailers include Next, B&M, Asda Living and Currys. Constructed in 1996, the building comprises 35,481 sq ft and Mecca have been trading from the unit since 1997. The new 10 year re-gear of the lease illustrates the strength of the unit's trading performance and Mecca's commitment to the property.

Chesterfield benefits from lying on the edge of the Peak District National Park, which attracts in excess of 10 million visitors each year. Chesterfield has a population of 148,000 living in a close five mile radius and a resident population of 190,000 people within a 15 minute drive time, it also has excellent transport links to London.

Furthermore, Premier Inn is due to open a brand new hotel in Chesterfield in January 2019. Situated in the Mock-Tudor former department store and located firmly in the town centre, the hotel will house 92 beds with the development more widely set to showcase seven new bars and restaurants.

Ismail Ghandour, Chief Executive Officer, commented:

"Coming soon after the disposal of Hume House in Leeds, this acquisition shows our proactive strategy in action. We are continually seeking to locate new commercial properties with excellent tenant covenants and healthy yields, which have the potential for an increase in value through creative asset management activity.

"While property in London can often be overvalued, we believe there are more profitable opportunities in smaller, thriving towns outside of the capital. Chesterfield is one such opportunity. This property is especially attractive, given its location and long-established well-known tenant. We are excited to add it to our continually evolving portfolio."

- ends -

The Directors accept responsibility for this announcement.

For further information, please contact:

 
 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director           Tel: +44 (0) 20 7201 8340 
                                      ------------------------------ 
                                       http://acelibertyandstone.com 
                                      ------------------------------ 
 Alfred Henry Corporate Finance Ltd, 
  NEX Exchange Corporate Adviser 
                                      ------------------------------ 
 Jon Isaacs / Nick Michaels                Tel: +44 (0) 20 3772 0021 
                                      ------------------------------ 
                                                 www.alfredhenry.com 
                                      ------------------------------ 
 
 Belvedere Communications                  Tel: +44 (0) 20 3687 2756 
                                      ------------------------------ 
 John West 
                                      ------------------------------ 
 Kim van Beeck 
                                      ------------------------------

Notes to Editors

Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead and Barnstaple. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

For more information on the Company please visit www.acelibertyandstone.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 27, 2018 02:02 ET (07:02 GMT)

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