Ace Liberty & Stone PLC Property Transactions (6956U)
11 April 2016 - 4:00PM
UK Regulatory
TIDMALSP
RNS Number : 6956U
Ace Liberty & Stone PLC
11 April 2016
Press Release 11 April 2016
Ace Liberty & Stone Plc
(" Ace" or the "Company")
Property Transactions
Ace Liberty & Stone Plc (ISDX: ALSP), the active property
investment company capitalising on commercial property investment
opportunities across the UK, is pleased to announce the following
property transactions.
The Company has sold Princegate House, Doncaster for GBP850,000.
As announced on 19 December 2013, the property, including its car
park, was purchased at a cost of GBP694,000. During its period of
ownership, Ace has secured planning permission for two alternative
schemes of residential conversion and the construction of an
additional floor on the roof. Following the recent ending of the
existing lease with a passing rent of GBP210,000 per annum, the
building is ready for immediate development. Ace has retained the
car park of the Princegate House property for further
development.
Ace has purchased Willow Court and Holly Court, two industrial
estates adjacent to each other in Marsh Mills, Plymouth for a
combined price of GBP3,500,000. Both properties have 17 years
remaining on leases to Plymouth City Council at an annual rent of
GBP205,000. This purchase will be partly financed by a secured bank
loan and continues the Company's policy of investing in properties
with first class tenants.
The Company has also added two residential properties to its
current portfolio. Flat G, Oscar Court, 17 Tite Street, London has
been purchased for GBP2,700,000 with the assistance of a secured
loan from Byblos Bank Europe. The balance of the price will be
satisfied by the issue of new ordinary shares at 3p per ordinary
share.
Flat 2, Colebrook Court, Sloane Avenue, London has been
purchased from Dr Tony Ghorayeb, a Director of the Company, for
GBP1,500,000. This purchase will also be partly financed by a
secured bank loan and the issue of new ordinary shares, at 3p per
ordinary share.
Announcements in respect of the share allotments for these
transactions will be made as soon as possible following the issue
of the shares.
Ismail Ghandour, Chief Executive commented: "The Board is
pleased that we have already identified profitable investment
opportunities following our recent fundraise through the open offer
in February, while receiving continued support from existing
shareholders for additional funding to expand our portfolio. The
recent purchases made by the Company show the intent for continued
growth through executing our strategy of making sound investments
that meet our purchase criteria. On the other hand, the sale of
Princegate House portrays the journey of an Ace Liberty & Stone
transaction from start to finish, culminating in a profit that can
re-invested in future property targets."
- Ends -
For further information, please contact:
Ace Liberty & Stone Plc
Ivan Minter, Financial Director Tel: +44 (0) 20 7201 8340
http://acelibertyandstone.com
Alfred Henry Corporate Finance
Ltd, ISDX Corporate Adviser
Jon Isaacs / Nick Michaels Tel: +44 (0) 20 7251 3762
www.alfredhenry.com
Hybridan LLP, Corporate
Broker
Claire Noyce / Darshan Patel Tel: +44 (0)203 764 2341
www.hybridan.com
Media enquiries:
Abchurch
Quincy Allan / Canace Wong Tel: +44 (0) 20 7398 7700
quincy.allan@abchurch-group.com www.abchurch-group.com
Notes to Editors
Ace Liberty & Stone Plc is a London-based property
investment company with a diverse portfolio of properties located
across the UK, currently including Leeds, Sunderland, Plymouth,
Dudley, Gateshead Tyne and Wear, and London. The Company locates
commercial and residential properties which have the potential for
an increase in value through creative asset management activity,
such as change of tenancy, change of use or new lease negotiation.
Ace has maintained a track record of generating strong profits at
disposal of properties and achieving better-than average returns on
capital. With strong support from shareholders and mortgage
lenders, the Company is currently seeking further investment
opportunities in the UK to create value for existing and new
investors.
The London property market has seen considerable recovery since
the 2008 financial crisis. However, in some UK regions smaller
properties have begun to appreciate in value, and this trend is
starting to appear amongst larger properties.
Ace is run by a board with extensive property experience, an
excellent network of contacts and relevant professional
qualifications. This sector expertise has allowed the Board to
identify opportunities and act promptly to secure investments.
For more information on the Company please visit:
http://acelibertyandstone.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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April 11, 2016 02:00 ET (06:00 GMT)