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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACQPGUUCQUPRGQQ

(END) Dow Jones Newswires

June 26, 2018 12:43 ET (16:43 GMT)

Highcroft Investments (LSE:HCFT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Highcroft Investments Charts.
Highcroft Investments (LSE:HCFT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Highcroft Investments Charts.