30 November
2017
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Panther Securities
PLC
(the
“Company”)
Acquisition of
Britannia Shopping Centre and Trading Update
Purchase of Britannia Shopping Centre, Hinckley
Panther is pleased to announce that it has today completed the
acquisition of the Britannia Shopping Centre (the “Centre”), a
freehold shopping centre in a prime position in Hinckley,
Leicestershire.
Hinckley is a busy, vibrant market town located approximately 13
miles south west of Leicester. The Centre comprises 16 retail
units arranged over ground and first floors totalling c. 82,000 sq.
ft. on a site of two acres.
The Centre is the town’s only covered shopping mall together
with the town’s principal shoppers’ car park, boasting 272 parking
spaces which is leased to National Car Parks (NCP) on a long
lease. The majority of occupiers are national brands
including Wilkinson’s, Peacocks, Boots, Greggs, Card Factory,
Claire’s Accessories and Poundworld amongst others. Annual footfall
in the centre in 2016 was 2,850,755.
The freehold was purchased for £5,331,000 plus £256,000 stamp
duty, and it has a gross rental income of £908,181 pa and net
rental income of £737,183 pa, representing a net initial annual
yield of 13.83%. Nearly 37% of income is secured from
Wilkinson’s and NCP.
The Board believes that there are several opportunities to
further improve the income at the Centre by letting the only vacant
unit and more efficient management of the service charge.
Disposal of Holloway Head,
Birmingham
In our interim accounts for six months ended 30 June 2017 we reported on our conditional
disposal of the above site with planning permission for a
consideration £11,000,000 with a delayed completion. We
received a non-refundable deposit of £1,020,000 and this disposal
was due to complete in early December
2017.
The contract has been extended, with the purchaser now seeking
to complete at the beginning of March 2018. For this
extension we have recently received £400,000 to vary the
contract.
Disposal of Union Street, Glasgow
We sold this property for £925,000 in August 2017, against costs (including selling
costs) of £729,000. The property was generating rents of
£75,000 pa.
Disposal of shareholding in Elektron
Technology PLC
Panther held 3,300,000 shares in the above AIM quoted company
that it sold in October 2017 for 17p
a share, which generated gross proceeds of circa £560,000, which
was double its book value as at 31 December
2016.
For further information: |
|
Panther Securities plc: |
Tel: 01707 667 300 |
Andrew Perloff/ Simon Peters |
|
|
|
Allenby Capital Limited (Nomad
and Joint Broker) |
Tel: 020 3328 5656 |
David Worlidge/ Alex Brearley |
|
CHAIRMAN’S RAMBLINGS
“THE EVIL THAT MEN DO LIVES ON AFTER
THEM”
We have begun to notice that a few of our tenants, including
MultiYork, have begun to experience difficulties and although new
lettings continue to take place, the recent failure of Palmer &
Harvey, a large and old established business, indicates the
direction of travel.
These Portents of Problems to come I believe are nothing to do
with Brexit but the relentless extra taxes and obligations heaped
upon businesses. There is a considerable burden on businesses
from the minimum wage, carbon tax, green taxes, insurance tax, the
apprenticeship levy and excessive property taxes. This is
especially the case with business rates, where even when Government
experts who opine that the rate payments should be less are
disregarded and effectively disallowed by minimal phasing of the
reductions. In due course they will realise the folly of
excessive taxes and regulations and, if in time, may halt the
obviously downward trend.
Andrew S Perloff
Chairman