Highcroft Investments PLC Commercial property investment (5034K)
21 August 2012 - 6:57PM
UK Regulatory
TIDMHCFT
RNS Number : 5034K
Highcroft Investments PLC
21 August 2012
HIGHCROFT INVESTMENTS PLC
Commercial Property Investment
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC)
completed the purchase of a property located in Elms Industrial
Estate, Bedford on 21 August 2012 from Eastburn Estates Limited.
The property consists of a single industrial unit with customer
parking and service yard let to Booker Limited with an unexpired
lease term of 14 years and 11 months. The consideration of
GBP1,860,658 net of costs has been funded out of the group's own
cash resources. The current rent is GBP180,000 pa and there are
rent incentives in place that taken together result in a yield of
8.1% calculated over the remaining lease term.
Commenting on the purchase Chief Executive Jonathan Kingerlee
said: "Following the disposal early this month of our property in
Victoria, London we are pleased to be reinvesting some of those
proceeds so promptly back into the property market particularly as
this acquisition addresses our ambition to improve our average
unexpired lease terms and our covenant and yield profile."
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J. Carlean / Karri Vuori 0207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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