Highcroft Investments PLC Property Acquisition (7988X)
01 Maggio 2019 - 5:05PM
UK Regulatory
TIDMHCFT
RNS Number : 7988X
Highcroft Investments PLC
01 May 2019
Highcroft Investments PLC
1(st) May 2019
Property Acquisition
The Board is pleased to announce that Highcroft Investments PLC
has today completed on the purchase of the freehold interest of a
gym and retail warehouse investment in Ipswich for GBP4,650,000,
representing a net yield of 7.04%. This acquisition was funded from
existing debt facilities.
The property, acquired from Huron Properties Limited, comprises
two detached buildings totalling 43,738 sq ft, occupying a site of
approximately 3.1 acres, consisting of a gym with swimming pool let
to Dave Whelan Sports Ltd until September 2035 and a motorcycle
showroom let to Orwell Motorcycles Ltd until September 2026. The
total income is GBP347,557 per annum which rises, by way of a fixed
increase, to GBP386,769 per annum in September 2020. There are
further fixed increases in 2021, 2025 and 2030.
Commenting on the acquisition, chief executive Simon Gill said:
'This investment provides a good long-term income stream with fixed
increases throughout the term. It provides an attractive yield for
our shareholders of over 7%, which is due to increase to a minimum
of 7.83% in September next year. The gym services a large
residential development which adjoins the subject site, as well as
other areas of the town. We continue to look for other commercial
investments with long-term income streams and prospects for future
enhancement.'
For further information contact:
Highcroft Investments PLC:
Simon Gill / Roberta Miles
01865 840023
Panmure Gordon (UK) Limited:
Fabien Holler
020 7886 2500
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END
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