Dukemount Capital PLC 30 Year Agreement-to-Lease on Second Acquisition (8579Q)
11 June 2018 - 4:00PM
UK Regulatory
TIDMDKE
RNS Number : 8579Q
Dukemount Capital PLC
11 June 2018
11 June 2018
Dukemount Capital Plc
("Dukemount" or the "Company")
30-Year Agreement-to-Lease Signed on Second Acquisition
Dukemount Capital plc, the long-dated income provider and
property management company has signed a 30 year CPI linked
agreement-to-lease at GBP168,740 per annum with multi-award winning
Inclusion Housing (Inclusion) www.inclusionhousing.org.uk and has
agreed to exchange contracts with the vendor of the property
subject to planning permission for additional rooms.
The second acquisition in North West England continues to move
forward after we agreed to add additional rooms and offices as
requested by Inclusion and the care provider. As this project is a
refurbishment of an existing building rather than a full
redevelopment, it is anticipated that the work will take less time
than a full redevelopment. We have been working with our architect
to meet the housing associations request while keeping within
extensive health and safety requirements of supported living. When
appropriate the finalised architect drawings will be available to
view on our website www.dukemountcapitalplc.com.
Inclusion Housing, in common with a number of housing
associations who lease property from other organisations, recently
went through an in-depth assessment by the Regulator of Social
Housing. The regulator is reviewing a Governance related issue with
regards to Inclusion's compliance with the Governance and Financial
Viability Standard. We have been informed by Inclusion that at this
stage they do not consider Inclusion to be non-compliant with the
viability requirements of this standard.
Dukemount Executive Chairman Geoffrey Dart said, "There is very
high demand for supported living accommodation throughout the UK.
Dukemount is actively pursuing projects in the Midlands and South
West England as demand is strong, confirmed to us by the local
authorities in these areas. We believe that Inclusion Housing is a
good fit with Dukemount and look forward to working with them on
other projects around the country.
Inclusion Chief Executive Neil Brown said, "In the last six
years, Inclusion has increased its housing units in management by
over 1,800% to 1,537. This first-rate growth has been achieved
through excellent partnerships like the one we have signed today
with Dukemount. Inclusion Housing is a viable, high performing and
robust business and is working with the Regulator to provide the
reassurance they require.
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 Tel: +44 (0) 7874 762 821
Plc
Timothy Le Druillenec
Walbrook PR (Media Tel: +44 (0) 207 933 8780
and Investor Enquiries
Paul Cornelius / dukemountcapital@walbrookpr.com
Gary Middleton
Optiva Securities Tel: +44 (0) 203 137 1906
Ltd
Christian Dennis
- Corporate Broker
Jeremy King - Corporate
Broker
Peterhouse Corporate Tel: +44 (0) 207 469 0930
Finance Limited
Lucy Williams/Duncan
Vasey
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END
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