Highcroft Investments PLC Interim Management Statement (2890H)
16 Maggio 2014 - 8:01AM
UK Regulatory
TIDMHCFT
RNS Number : 2890H
Highcroft Investments PLC
16 May 2014
Highcroft Investments PLC
Interim Management Statement in respect of the period 1 January
2014 to 15 May 2014
The board of Highcroft Investments PLC today approved the
following statement in respect of the current trading period which
will end on 30 June 2014.
Property
Since 1 January, and further to our announcement on 4 April, we
have completed the sale of one property, being a multi-let office
building in Bristol, where the income was due to expire in May
2014. This achieved a price of GBP2,270,000 which was 51.3% in
excess of the valuation at 31 December 2013 and we benefitted from
the income until approximately 4 weeks prior to its expiry.
There are currently no voids in the portfolio and in the case of
the only immediate lease expiry we are in receipt of a good rental
offer. Our retail lease renewals in the period have been agreed at,
or close to, pre-expiry rents. We have no significant debtors and
our rent collection timescale remains very good. Further
rationalisation of the portfolio is being considered in line with
our stated strategy of gradually changing its shape to enhance
yields, improve the portfolio balance and increase the average lot
size.
Following our sale of two properties at the end of the last
financial year and the sale of the Bristol property in April, we
are actively pursuing new acquisitions that fit our investment
criteria. However, currently the availability of high quality
assets let to good covenants in good locations in our target area
is limited but our robust financial position and experience allow
us to act quickly as and when we identify suitable assets.
Equity Investments
The equity markets have, in general, had a steady first quarter.
Our portfolio has performed in line with the market and we have
made two modest investments in the period totalling GBP50,000.
Financial position
At 15 May 2014 our cash balances stood at GBP6.1m and our equity
portfolio was marked to market at GBP5.3m. The company has GBP4m of
medium term borrowings.
Outlook
The company is well positioned, with a strong balance sheet
built on solid investment portfolios, to continue to generate
additional value for its shareholders through increasing dividends
and asset values.
For further information, contact:
Highcroft Investments PLC
John Hewitt/Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J Carlean / Karri Vuori /Laura White 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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