Highcroft Investments PLC Property Acquisition (0733H)
02 Giugno 2017 - 5:54PM
UK Regulatory
TIDMHCFT
RNS Number : 0733H
Highcroft Investments PLC
02 June 2017
Highcroft Investments PLC
2 June 2017
Property Acquisition
Highcroft Investments PLC is pleased to announce that, through
its property owning subsidiary Rodenhurst Estates Limited, it
acquired, today, the freehold interest of an industrial investment
near St Austell, Cornwall.
The property comprises two industrial units totalling
approximately 250,000 sq ft, plus a vacant site, let to Wyndeham
Roche Limited on a single lease expiring in April 2021 producing an
income of GBP500,000 per annum. The purchase price was GBP4,200,000
representing a net yield of 11.23%. The property was acquired from
St Ives Plc.
Rodenhurst Estates Limited has drawn an additional GBP4,500,000
ten year fixed-term, non-amortising, secured loan to fund this
acquisition.
Commenting on the acquisition John Hewitt, non-executive
chairman said: 'This new property provides a very attractive yield
off a low rent of GBP2.00 per square foot and the purchase price is
at a level less than build cost for the property. Industrial units
of this size are scarce in this region of the country and its
location adjoining the A30 makes it very accessible. This will show
a significant return on our equity invested and we continue to seek
further investments to expand our portfolio.'
For further information contact:
Highcroft Investments PLC:
John Hewitt / Roberta Miles 01865 840023
Panmure Gordon (UK) Limited:
Karri Vuori / Fabien Holler
0207 886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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