Highcroft Investments PLC Commercial Property Investment (3430Q)
05 November 2012 - 2:47PM
UK Regulatory
TIDMHCFT
RNS Number : 3430Q
Highcroft Investments PLC
05 November 2012
HIGHCROFT INVESTMENTS PLC
5 November 2012
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 Denbigh West
Industrial Estate, Bletchley, Milton Keynes on 5 November 2012 from
Hobart 77 Limited. The property consists of a single industrial
unit with customer parking and service yard let to IKEA Limited
with an unexpired lease term of 7 years and 9 months. The
consideration of GBP2,700,000 net of costs has been funded out of
the group's own cash resources. The current rent is GBP257,514 per
annum representing an initial yield of 9.01%, rising in August 2015
to 9.95% by way of a fixed increase to GBP284,316 per annum.
Commenting on the purchase Chief Executive Jonathan Kingerlee
said: "We are pleased to be reinvesting some more of the proceeds
arising from disposals made earlier in the year and also that this
acquisition boosts the covenant and yield profile within our
property portfolio."
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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