Highcroft Investments PLC Property Acquisitions (2954I)
27 August 2016 - 1:10AM
UK Regulatory
TIDMHCFT
RNS Number : 2954I
Highcroft Investments PLC
26 August 2016
Highcroft Investments Plc
26 August 2016
Property Acquisitions
Highcroft Investments plc is pleased to announce that, through
its property owning subsidiary Rodenhurst Estates Ltd, it acquired,
on 26th August, the freehold interests in two properties located in
Coventry and Grantham.
The property in Coventry comprises three restaurant units
totalling approximately 6,000 sq ft let to The Restaurant Group
(UK) Ltd (trading as Frankie & Benny's), NB Subs &Co LLP
(trading as Subway) and Greggs Plc on leases expiring in 2039, 2031
and 2031 respectively and produces an income of GBP156,000 per
annum. The purchase price was GBP2,400,000 representing a net yield
of 6.12%. The property was acquired from Ayr (Jersey) Ltd.
The property in Grantham, acquired from Legal & General
Assurance (Pensions Management) Ltd, comprises two retail warehouse
investments totalling approximately 42,000 sq ft let to B&Q Plc
and Marks and Spencer Plc on leases expiring in 2026 and 2034
respectively. The property produces an income of GBP453,000 per
annum and a price of GBP6,925,000 was paid representing a net yield
of 6.02%.
Rodenhurst Estates Ltd has drawn an additional GBP3,400,000
fixed-term, non-amortising loan secured on the Grantham property to
fund these acquisitions with the remainder of the consideration
funded from existing cash resources and from the sale of some of
our equity holdings.
Commenting on the acquisitions Simon Gill, Chief Executive,
said: 'These two additional properties will improve the average
unexpired lease terms of our portfolio with income secured against
good quality covenants; the restaurant use at the Coventry property
provides an additional sector to our portfolio. We were pleased to
take advantage of the recent drop in interest rates to secure some
good value, long term money which will show a significant return on
our equity invested. We continue to seek further investments to
expand our portfolio.'
For further information contact:
Highcroft Investments Plc:
John Hewitt / Roberta Miles 01865 840023
Panmure Gordon (UK) Limited
Karri Vuori / Fabien Holler / Jonathan Surr
0207 886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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