FOR IMMEDIATE RELEASE
23 May 2018
BISICHI MINING
PLC:
£5.6M JOINT
VENTURE RETAIL ACQUISITION
Bisichi Mining PLC (“Bisichi”) today announces it has formed a
joint venture that has exchanged contracts to acquire the freehold
of five shops in West Ealing, London.
Bisichi Mining Plc and London
& Associated Properties PLC, a 41.52% shareholder of Bisichi,
will each own 45% of the joint venture, with the remaining 10%
owned by Metroprop Real Estate Ltd.
The shops produce a current rent of c£140,000 per annum and have
planning consent for 20 flats at first and second floor. Four
flats have already been built and are currently vacant.
The total consideration paid by the joint venture for the shops,
before transaction and development costs, will be £5.6 million of
cash. Bisichi’s share of the consideration will be funded out of
existing cash resources.
Andrew Heller, Bisichi’s Managing
Director, commented: “This is an exciting opportunity to acquire a
substantial block of shops in a rapidly improving part of
West London. The portfolio
is a five-minute walk from West Ealing Crossrail station and we
expect values there to continue to rise over the medium term.
I look forward to updating shareholders as the development
progresses”.
Ends.
Contact:
Andrew Heller, Managing Director,
Bisichi.
Tel: 020 7415 5030