Highcroft Investments PLC Interim Management Statement (1574W)
2014年11月5日 - 4:00PM
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RNS Number : 1574W
Highcroft Investments PLC
05 November 2014
Highcroft Investments PLC
Interim Management Statement in respect of the period 1 July
2014 to 4 November 2014
5 November 2014
The board of Highcroft Investments PLC today approved the
following statement in respect of the current trading period which
will end on 31 December 2014.
Property Portfolio
As announced in July and August of this year, the group acquired
two new high quality investment properties in Ash Vale (Aldershot)
and Crawley in the second half of the current financial year, for a
total consideration of GBP6.1m. These modern properties were
purchased with strong covenants and long unexpired terms on the
leases, this continues the board's strategy of identifying
properties in the market that sits between private investors and
larger corporate property investors.
The board also made the decision to sell, at auction in July,
the shop let to Superdrug in Beckenham which achieved a figure of
17.6% in excess of its June 2014 valuation. Additionally, certain
residential ground rents have been sold in the period for
GBP51,000. There is currently one vacant unit in the portfolio, in
Cirencester, as a consequence of Phones 4u going into
administration. Initial interest from a prospective tenant has
already been expressed and marketing of the unit has commenced. We
are concentrating our efforts on two other high street properties
with lease expiries. In both cases terms have been agreed with new
tenants and we are hopeful that there will be no voids in these
units.
Highcroft continues to look for properties which provide secure
income as well as the potential to increase value. The board also
looks for opportunities to rationalise the existing portfolio to
enable the average lot size to be increased, which in turn will
create efficiencies in management. Although the group is well
positioned to increase borrowing no further gearing has been added
to the portfolio, however this is continually under review to
enable us to take advantage of any potential opportunities.
Equity Portfolio and Financial position
Our equity portfolio was valued at GBP4.6m at 3 November 2014
having continued to perform in line with the relevant benchmarks of
the FTSE 100 and the All-Share Indices this year. During the period
we have disposed of a small proportion of our equity portfolio
realising GBP0.5m.
At 3 November 2014 our cash balance was GBP1.1m and our medium
term loans were GBP4.0m. The financial position of the group
remains sound.
Outlook
The board believes that the current strong property investment
market will continue for the immediate future. We will look to
invest in quality properties biased towards the south of England
where we think we can enhance value and maintain a long-term income
stream.
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
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