Highcroft Investments PLC Replacement - Property Disposal (7275L)
08 Juillet 2014 - 12:28PM
UK Regulatory
TIDMHCFT
RNS Number : 7275L
Highcroft Investments PLC
08 July 2014
The following announcement replaces the announcement released
under RNS no 7259L at 11.15am.
In the second paragraph the net yield should read 6.81%, in the
previous announcement no number appeared.
HIGHCROFT INVESTMENTS PLC
8 July 2014
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC) has
today exchanged contracts on the sale of its property in Beckenham
at auction. .
The property consists of a commercial building on 2 floors
comprising approximately 5,913 sq ft let in its entirety to
Superdrug Stores PLC at a current rent of GBP72,000 per annum for a
term expiring in June 2018. The property, which was originally
purchased in 1997, was sold for GBP1,000,000 which was 25% in
excess of its December 2013 valuation of GBP800,000 and represents
a net yield of 6.81% to the purchaser.
Highcroft intends to use the proceeds to continue its strategy
of identifying and investing in properties in the attractive market
that sits between private investors and larger corporate property
investors.
Chief Executive Simon Gill said: "The sale of Beckenham is part
of our strategy to sell our smaller investments and to reinvest the
proceeds in properties with a larger lot size."
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J. Carlean / Karri Vuori 0207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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