Highcroft Investments PLC Property disposal / lease extension (5595G)
29 Juni 2012 - 5:40PM
UK Regulatory
TIDMHCFT
RNS Number : 5595G
Highcroft Investments PLC
29 June 2012
HIGHCROFT INVESTMENTS PLC
29 June 2012
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments plc) has
today agreed the sale of its investment property known as Willow
House in Victoria, London for a net cash consideration of GBP4.90m
to HPJ Investments 6 Limited, an unrelated third party.
The company purchased the property in October 2006 at a cost of
GBP4.33m, however along with many property assets its value had
declined in recent years and consequently in the Company's Annual
Report for the Year Ended 31 December 2011 published in March 2012
its valuation had fallen to GBP3.40m. The property currently
produces gross rental income of GBP250k from leases expiring in
September 2014. The Board expect to complete on this sale on 10
August 2012.
In addition, the Board agreed a residential lease extension at
Newcastle House, Marylebone on 25 June 2012 which will produce
gross proceeds of GBP80,700.
Commenting on the Willow House disposal Chief Executive Jonathan
Kingerlee said: "We are pleased that our confidence in the
underlying fundamentals of this property seems to have been
rewarded. The yield at this level is keen at around 5% and the
company plans to reinvest these funds along with existing cash
balances in higher yielding property investments with longer term
security of income."
Enquiries:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J. Carlean / Karri Vuori 0207 149 6000
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