Highcroft Investments PLC Commerical Property Acquisition (3690Q)
29 August 2014 - 1:08PM
UK Regulatory
TIDMHCFT
RNS Number : 3690Q
Highcroft Investments PLC
29 August 2014
HIGHCROFT INVESTMENTS PLC
29 August 2014
Commercial Property Acquisition
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC) has
today completed on the purchase of a freehold retail warehouse
investment in Crawley, West Sussex from Halifax Pension Nominees
Limited.
The property comprises a retail warehouse of approximately 6,889
sq ft on a site of 0.5 acres (0.2 hectares) representing a site
cover of 31.62%. The property is let in its entirety to Pets at
Home Limited for a term of years expiring in October 2029 at a
current rent of GBP164,568 pa exclusive. The purchase price was
GBP2,639,086 representing a net yield of 5.9%. The acquisition was
made from cash resources.
Commenting on the acquisition Chief Executive Simon Gill said:
"This is an attractive purchase for which we had to compete
strongly. The development activity in the immediate vicinity and
adjoining this property will strengthen this retail warehousing
location and should provide good evidence for an increase in rent
upon the next rent review in 2019. This 15 year income from such a
strong covenant fits into our portfolio well. We are delighted to
have made our second significant acquisition in just over a month
and continuing to deliver on our strategy of enhancing yields,
improving the portfolio balance and increasing the average lot
size."
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
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