Highcroft Investments PLC Property disposal (6078U)
2013年12月4日 - 1:21AM
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TIDMHCFT
RNS Number : 6078U
Highcroft Investments PLC
03 December 2013
HIGHCROFT INVESTMENTS PLC
3 December 2013
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC) has
today, in line with the strategy outlined in the Interim Management
Statement, agreed the sale of two of its properties at auction.
Both the properties achieved in excess of the December 2012 and
June 2013 valuations and it is expected that contracts will be
completed prior to the year end.
The first property located in Reigate consists of a commercial
building on 4 floors comprising 3,590 sq ft let in its entirety to
Lloyds Bank PLC at a current rent of GBP52,000 per annum for a term
expiring in June 2021. The property was sold for GBP1,250,000 which
was in excess of its 1996 purchase price of GBP412,000 and its June
2013 valuation of GBP855,000 and represents a net yield of 3.93% to
the purchaser.
The second property located in Petersfield consists of two
intercommunicating commercial buildings on 3 floors comprising
2,411 sq ft let in its entirety to Barclays Bank PLC at a current
rent of GBP65,000 per annum for a term expiring in November 2020.
The property was sold for GBP1,120,000 which was in excess of its
1994 purchase price of GBP527,000 and its June 2013 valuation of
GBP950,000 and represents a net yield of 5.49% to the
purchaser.
Highcroft intends to use the proceeds of GBP2,370,000 to
continue its strategy of identifying and investing in properties in
the attractive market that sits between private investors and
larger corporate property investors.
Commenting on the disposals Chief Executive Simon Gill said:
"These disposals achieved an excellent yield, in excess of the most
recent valuations and will enable the group to continue to follow
its strategy of gradually changing the shape of its property
portfolio to enhance yields, improve the portfolio balance and
increase the average lot size."
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
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