Property Disposal
30 Décembre 2009 - 8:00AM
UK Regulatory
TIDMMAX
RNS Number : 7958E
Max Property Group PLC
30 December 2009
Max Property Group Plc
Property Disposal
Max Property Group Plc ("MPG") today announces that it has exchanged contracts
for the sale of Southwood
Business Park to Scottish Widows and Centurion
Properties for GBP16.5m. The property, located in Farnborough,
comprises a
152,000 sq. ft high office content industrial estate built in the late
1980s, producing a gross rental of GBP1.696m p.a. and will be managed by
Centurion as part of the pair's Active Industrial Portfolio joint venture.
The sale price represents a profit to MPG of GBP1.8m over its September
valuation. Net of debt repayment, GBP7.8m of cash will be released for new
acquisitions.
Mike Brown of Prestbury Investments LLP, external asset manager for
MPG, commented:
"Southwood Business Park is an institutional grade asset. However, at GBP130 per
sq. ft, capital value it is not a natural fit with the remainder of the
Industrious portfolio which comprises higher yielding assets averaging just
GBP30 per sq. ft capital value. Scottish Widows and Centurion Properties
approached us recently and should be congratulated for the speed with which they
carried out this transaction."
30 December 2009
ENQUIRIES:
+----------------------------------------------+----------------------------+
| Prestbury Investments LLP | Tel: 0779 962 1238 |
+----------------------------------------------+----------------------------+
| Mike Brown | |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| College Hill | Tel: 020 7457 2020 |
+----------------------------------------------+----------------------------+
| Gareth David | |
+----------------------------------------------+----------------------------+
| | |
+----------------------------------------------+----------------------------+
| Morgan Stanley (NOMAD) | Tel: 020 7425 8000 |
+----------------------------------------------+----------------------------+
| Jonathan Lane | |
+----------------------------------------------+----------------------------+
| Mark Brooker | |
+----------------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISQKLFLKLBZFBV
Max Prop (LSE:MAX)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Max Prop (LSE:MAX)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024