Conygar Investment Company PLC(The) Disposal (6730R)
18 June 2018 - 4:00PM
UK Regulatory
TIDMCIC
RNS Number : 6730R
Conygar Investment Company PLC(The)
18 June 2018
For immediate release
18 June 2018
THE CONYGAR INVESTMENT COMPANY PLC
SALE AGREED OF PREMIER INN AT PARC CYBI
The Conygar Investment Company PLC ("Conygar"), the property
investment and development group, announces that it has exchanged
contracts to forward sell its 80-bedroom hotel at Parc Cybi, on the
outskirts of Holyhead, Anglesey to IM Properties PLC. The hotel is
currently under construction and once built, it is subject to a 25
year lease with Premier Inn Hotels Limited.
The land value and development agreement will result in Conygar
receiving net proceeds of GBP6.9 million, which represents a net
initial yield of 4.7%. It is expected that the construction of the
hotel will complete at the end of January 2019.
Robert Ware, Chief Executive of Conygar, commented:
"We are pleased to have agreed the sale of this development
project, which will complete in January 2019 at a very competitive
price, reflecting the strong appetite we are seeing for properties
benefitting from long-term income, let to high-quality
occupiers."
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Ross McCaskill: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Bootle: 020 3100 2222
Henry Freeman: 020 3100 2222
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
Will Barker: 020 7002 1080
This announcement is released by The Conygar Investment Company
PLC and contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 (MAR), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Ross McCaskill, Finance Director.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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