Acquisition of Property

RNS Number : 0149E

Braime (T.F.& J.H.) (Hldgs) PLC

03 May 2013

 



T.F. & J.H. BRAIME (HOLDINGS) P.L.C.

("Braime" or the "Company")

Acquisition of Property

The Company confirms today that it has acquired the freehold of an office and warehouse property situated in Morton Illinois, USA (the "Property").

The Property was purchased from GST Properties Inc for a consideration of US$1.8m, which is being funded from US$450k of existing cash resources of Braime and a mortgage of US$1.35m, which is advanced to the Company over a 10 year term at an interest rate of 2.25% above LIBOR.

The Property has been leased by the US business since March 2012, and the directors believe the purchase of the Property provides the Company with a much improved platform to continue growing this business.

For further information please contact:

Nicholas Braime/Marcus Mills

0113 245 7491

W. H. Ireland Limited

Katy Mitchell LLB

0113 394 6628

 

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