Highcroft Investments PLC Property Acquisition (6727S)
26 Juni 2018 - 6:43PM
UK Regulatory
TIDMHCFT
RNS Number : 6727S
Highcroft Investments PLC
26 June 2018
Highcroft Investments PLC
26 June 2018
Property Acquisition
The Board is pleased to announce that Highcroft Investments PLC
has today exchanged on the purchase of the freehold interest of a
health and fitness club investment in Birmingham. Completion of the
transaction is expected to take place on 23(rd) July 2018.
The property comprises a purpose built health and fitness club,
with swimming pool, of approximately 37,500 sq ft, on a 3 acre
site. It is operated by Nuffield Health on a lease expiring in
October 2024 producing an income of GBP365,867 per annum. The
purchase price was GBP4,925,000 which represents a net yield of
7.0%. The property was acquired from BAE Systems Pension Funds
Trustees Limited. The acquisition was made from existing cash
reserves and supplemented by the sale of some equity investments.
After this acquisition the LTV of the business will be 24%.
Commenting on the acquisition chief executive Simon Gill said:
'Within a month of selling our investments in Cirencester and
Marylebone, London W1 we are pleased to reinvest the proceeds into
this attractive investment which occupies a large site in an area
of Birmingham which is expected to witness further development.
This is our first acquisition in this sector of the property market
and accords with our stated objectives of selling our last
residential asset, increasing our average lot size and reducing our
holdings on the high street.'
For further information contact:
Highcroft Investments PLC:
Simon Gill / Roberta Miles 01865 840023
Panmure Gordon (UK) Limited:
Fabien Holler / Andrew Potts
0207 886 2500
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END
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