Dukemount Capital PLC Completion of First Acquisition (0495Q)
07 September 2017 - 4:01PM
UK Regulatory
TIDMDKE
RNS Number : 0495Q
Dukemount Capital PLC
07 September 2017
Dukemount Capital Plc
('DKE' or the 'Company')
Agreement to Acquire site in North West England
Dukemount Capital plc (DKE), the specialist developer and
manager of real estate portfolios in the supported living and hotel
sector has completed negotiations and acquired the first of several
potential purchases it has been presented with.
The aim is for the site to be developed for the fast growing
supported living sector to include 17 apartments and 3,200 square
feet of retail space by way of funding through a combination of
equity and debt and which will be built out over the next 18
months.
The Company is currently in discussions with a Housing
Association to lease the property on a long-term basis, which will
be linked to annual CPI increases over the period. On completion of
these discussions, the Housing Association will occupy the property
and at that stage Dukemount will invite offers for the acquisition
of the property, targeting a sale price in the region of GBP5
million plus, to generate a net return of around GBP1 million to
the Company.
This transaction is in-line with the strategy presented by the
Company at the time of listing on the London Stock Exchange. The
board will provide regular updates on the progress of this project
over the coming months and intends announcing similar transactions
in the supported living sector as the year progresses.
Dukemount chairman Geoffrey Dart said; "This is the first
transaction to be completed out of a number where we are in
discussions with housing associations and property developers
around the UK and internationally. The supported living sector is a
fast-growing sector as more recipients are choosing to have an
active place in the community and is but one area which ties in
with our plan of offering sustainable returns to our shareholders
whilst also being socially relevant.
Market Abuse Regulation (MAR) disclosure.
Certain statements in this announcement contain inside
information for the purpose of Article 7 of EU Regulation
596/2014.
For further information, please contact:
Dukemount Capital Plc Tel: +44 (0) 7874 762
821
Timothy Le Druillenec
Walbrook PR (Media and Tel: +44 (0) 207 933
Investor Enquiries 8780
Paul Cornelius / Gary dukemountcapital@walbrookpr.com
Middleton
Optiva Securities Ltd Tel: +44 (0) 203 137
1906
Christian Dennis - Corporate
Broker
Jeremy King - Corporate
Broker
Peterhouse Corporate Tel: +44 (0) 207 469
Finance Limited 0930
Lucy Williams/Duncan
Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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