Highcroft Investments PLC Commercial property acquisition (9038M)
21 Juillet 2014 - 5:23PM
UK Regulatory
TIDMHCFT
RNS Number : 9038M
Highcroft Investments PLC
21 July 2014
HIGHCROFT INVESTMENTS PLC
21(st) July 2014
Commercial Property Acquisition
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC) has
today exchanged and completed on the purchase of a freehold
warehouse investment in Ash Vale, Aldershot from a Guernsey based
company.
The property comprises a warehouse constructed in 2001 and
provides approximately 24,853 sq ft on a site of 1.5 acres (0.61
hectares) representing a site cover of 35%. The property is let in
its entirety to Buildspan Limited, a wholly-owned subsidiary of
Sheffield Insulation Group (SIG), for a term of years expiring in
2027 at a current rent of GBP225,000 pa exclusive. The purchase
price was GBP3,125,000 representing a net yield of 6.8%. The
acquisition was made from cash resources.
Commenting on the acquisition Chief Executive Simon Gill said:
"This purchase fits in well with our stated strategy of buying
quality assets and increasing our average lot size and is a good
opportunity of reinvesting the proceeds from our recent sales.
Demand for modern freeholds in this area is strong but our efforts
to identify this opportunity were rewarded and we were very pleased
to agree a deal off market. We continue to actively seek
investments of a similar nature."
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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