Highcroft Investments PLC Acquisition (2515N)
15 Mai 2015 - 8:00AM
UK Regulatory
TIDMHCFT
RNS Number : 2515N
Highcroft Investments PLC
15 May 2015
HIGHCROFT INVESTMENTS PLC
15 May 2015
Corporate and Property Acquisition
Highcroft Investments PLC is pleased to announce that, through
its property owning subsidiary, Rodenhurst Estates Ltd, it
acquired, on 14 May 2015, the entire issued share capital of B L
(Wisbech) Ltd together with its wholly owned subsidiary Belgrave
Land (Wisbech) Ltd from its six private shareholders.
B L (Wisbech) Ltd and Belgrave Land (Wisbech) Ltd own a single
asset, the Belgrave Retail Park in Wisbech, Cambridgeshire, which
comprises a freehold retail warehouse park totalling 56,082 sq ft
of space fully let on average weighted unexpired lease terms in
excess of 10 years to the covenants of Dunelm, Halfords,
Carpetright, Pets at Home and Currys PC World. The property
produces an income of GBP620,585 pa and the gross cost, excluding
fees, was GBP8,500,000; the resultant net yield is approximately
7.1%.
Rodenhurst Estates Limited has drawn an additional GBP7,500,000
fixed term, non-amortising loan, secured on this asset and certain
other property assets, to fund this transaction and the remainder
of the consideration is funded from existing cash resources.
Commenting on the acquisition Chief Executive Simon Gill said:
"We are pleased to increase the retail warehouse sector weighting
of our portfolio with what can be considered a very attractive
yield in today's market and with a good line-up of tenants. Being
able to do an off-market deal in the current climate was very
unusual and we were happy to be in a position to take advantage of
the situation. The average weighted unexpired term on the leases is
attractive and the park offers further development opportunities. I
consider this is an excellent addition to the portfolio."
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
ACQEAKSLFDASEFF
Highcroft Investments (LSE:HCFT)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Highcroft Investments (LSE:HCFT)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024