MAX Max Prop

 

TIDMMAX 
 
RNS Number : 7958E 
Max Property Group PLC 
30 December 2009 
 

 
 
Max Property Group Plc 
 
 
Property Disposal 
 
 
Max Property Group Plc ("MPG") today announces that it has exchanged contracts 
for the sale of Southwood 
Business Park to Scottish Widows and Centurion 
Properties for GBP16.5m. The property, located in Farnborough, 
 comprises a 
152,000 sq. ft high office content industrial estate built in the late 
1980s, producing a gross rental of GBP1.696m p.a. and will be managed by 
Centurion as part of the pair's Active Industrial Portfolio joint venture. 
 
 
The sale price represents a profit to MPG of GBP1.8m over its September 
valuation. Net of debt repayment, GBP7.8m of cash will be released for new 
acquisitions. 
 
 
Mike Brown of Prestbury Investments LLP, external asset manager for 
MPG, commented: 
 
 
"Southwood Business Park is an institutional grade asset. However, at GBP130 per 
sq. ft, capital value it is not a natural fit with the remainder of the 
Industrious portfolio which comprises higher yielding assets averaging just 
GBP30 per sq. ft capital value. Scottish Widows and Centurion Properties 
approached us recently and should be congratulated for the speed with which they 
carried out this transaction." 
 
 
30 December 2009 
 
 
 
 
 
 
ENQUIRIES: 
 
 
+----------------------------------------------+----------------------------+ 
| Prestbury Investments LLP                    | Tel: 0779 962 1238         | 
+----------------------------------------------+----------------------------+ 
| Mike Brown                                   |                            | 
+----------------------------------------------+----------------------------+ 
|                                              |                            | 
+----------------------------------------------+----------------------------+ 
| College Hill                                 | Tel: 020 7457 2020         | 
+----------------------------------------------+----------------------------+ 
| Gareth David                                 |                            | 
+----------------------------------------------+----------------------------+ 
|                                              |                            | 
+----------------------------------------------+----------------------------+ 
| Morgan Stanley (NOMAD)                       | Tel: 020 7425 8000         | 
+----------------------------------------------+----------------------------+ 
| Jonathan Lane                                |                            | 
+----------------------------------------------+----------------------------+ 
| Mark Brooker                                 |                            | 
+----------------------------------------------+----------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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