Development Secs.PLC - Disposal Completed
02 July 1997 - 1:53AM
UK Regulatory
RNS No 8009h
DEVELOPMENT SECURITIES PLC
1st July 1997
DEVELOPMENT SECURITIES SELLS
INVESTMENT PORTFOLIO FOR #7.25 MILLION
Development Securities PLC is pleased to announce that it
has today completed the sale of three investment
properties to a group consisting of T R Property
Investment Trust and Lathe Investments Ltd for #7.25
million. The properties comprised in this sale were The
Colonnades, a mixed use island site in Bayswater, London
W2, and two retail warehouses in Preston and Lancaster.
The sale, at close to book values, reflects an overall
yield of 9.5%.
The receipt of these sale proceeds coupled to the recent
payment of some development profits from the Milton and
Shire House development, has reduced the overall balance
sheet gearing to a level of approximately 100%.
Healey and Baker acted for the purchaser whilst
Development Securities represented themselves in the
investment sale.
Michael Marx, Group Managing Director, Development
Securities PLC, commented:
"This disposal forms part of the active management
programme of our investment portfolio. It further enables
us to focus on those properties and developments within
our existing group, as well as new opportunities where we
are able to add value for the benefit of our
shareholders."
Enquiries:
Michael Marx,
Group Managing Director
Development Securities PLC: 0171 828 4777
Henry Faure Walker,
The Communication Group plc: 0171 630 1411
END
U And I (LSE:UAI)
Historical Stock Chart
From Jun 2024 to Jul 2024
U And I (LSE:UAI)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about U And I Group Plc (London Stock Exchange): 0 recent articles
More Development Secs.PLC News Articles