Highcroft Investments PLC Trading Statement (2597N)
15 Mai 2015 - 8:30AM
UK Regulatory
TIDMHCFT
RNS Number : 2597N
Highcroft Investments PLC
15 May 2015
Highcroft Investments PLC
Trading Statement in respect of the period 1 January 2015 to 14
May 2015
The board of Highcroft Investments PLC ("the Company") today
approved the following statement in respect of the current trading
period which will end on 30 June 2015.
Property
The board were delighted to announce, earlier today, the largest
property acquisition that the group has made. The multi-let
freehold retail warehouse park in Wisbech, Cambridgeshire, was
purchased for GBP8.5m and will produce a net yield of approximately
7.1%. The lot size, weighted average unexpired lease term, location
and quality of the tenant mix all fit our investment criteria; this
asset enhances our portfolio and provides a more equal sector
balance.
During the period we have completed the sale of one residential
unit for a net consideration of GBP0.4m and we have also obtained
vacant possession of a residential property previously occupied by
a regulated tenant, which we are currently marketing. The proceeds
from both disposals will be re-invested in the commercial property
portfolio.
We have had two retail lease expiries in the period, both of
which involved exceptional landlord's works totalling GBP0.1m. In
addition one tenant went into administration. We have successfully
agreed two new lettings, and are in the final stages of completing
the third, on these units with three new covenants. There has been
one short void period. We have no significant debtors and our rent
collection timescale remains very good. We continue to consider
further rationalisation of the portfolio in line with our stated
strategy of gradually changing its shape to enhance yields, improve
the portfolio balance and increase the average lot size and the
weighted average unexpired lease term.
We are actively seeking new acquisitions that fit our investment
criteria; however the current investment market remains strong and
competitive and we are disciplined in the application of our
investment policy.
Equity Investments
Equity markets have, in general, had a positive first quarter
and our remaining holdings have performed in line with the market.
We have released GBP0.6m from the portfolio in the period for
reinvestment into our commercial property portfolio.
Financial position
At 14 May 2015 our cash balances after accounting for the
Wisbech acquisition stood at GBP1.6m and our equity portfolio was
marked to market at GBP3.9m. The group has GBP11.5m of medium term
borrowings.
Outlook
The Company has a strong balance sheet, built on solid
investment portfolios, and is well positioned to continue to
generate additional value for its shareholders.
For further information, contact:
Highcroft Investments PLC
John Hewitt/Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J Carlean / Karri Vuori 0207 149 6000
Highcroft Investments PLC is a Real Estate Investment Trust that
has a portfolio of property and equity investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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