Continued Capital Recycling
07 Juillet 2011 - 4:03PM
UK Regulatory
TIDMMAX
Max Property Group Plc
Max continues capital recycling with GBP6.3m of London pub sales
Max Property Group Plc ("Max") announces that it has completed the disposal of
the sale of the Bedford public house in Balham to CRS Properties Ltd (part of
The Co-operative Group) for GBP4.3m, reflecting a net initial yield of 5.5%.
The property forms part of the portfolio of 29 London pubs that Max acquired in
a sale and leaseback transaction with Enterprise Inns Plc in January 2011 at a
total price of GBP42.56m reflecting a 6.7% net initial yield. Each of the pubs is
let to Enterprise Inns plc for 35 years with minimum uplifts throughout the
term.
Since the portfolio acquisition in January, Max has completed the sale of one
other non core property out of the portfolio, namely the Rose and Crown,
Chelsea, for cash consideration of GBP2.1m, reflecting a net initial yield of
4.5%.
Total net proceeds realised in the two sales will be GBP6.3m of which GBP3.3m will
be applied in repayment of debt and GBP3.0m will be added to the group's cash
resources.
7 July 2011
ENQUIRIES:
Prestbury Investments LLP Tel: 020 7647 7647
Nick Leslau
Mike Brown
College Hill Tel: 020 7457 2020
Gareth David
Morgan Stanley (NOMAD) Tel: 020 7425 8000
Nick White
Oriel Securities (Joint Broker) Tel: 020 7710 7600
Mark Young
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Max Property Group plc via Thomson Reuters ONE
[HUG#1529311]
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