Agreement of new lease with Compass Group

RNS Number : 4503L

Circle Property PLC

03 October 2016

 

Circle Property Plc

("Circle" or the "Company")

Agreement of new lease with Compass Group in Milton Keynes

3 October 2016 - Circle Property Plc, a specialist regional UK property investment, development and management company, today announces the agreement of a new lease to Compass Group UK and Ireland ("Compass Group") at the Kent's Hill Conference Centre in Milton Keynes.

Compass Group have surrendered their existing lease to Circle, which was signed in 2013 for 10 years and have entered into a new longer lease on a rising rent commencing at £1,500,428 per annum.  

Compass have run the residential conference centre at Kent Hill Park for almost 20 years and host conferences for many national companies.  The Conference Centre immediately adjoins the Kents Hill Business Park which Circle are developing and will extend to almost 90,000 of Grade A offices which are being marketed by Lambert Smith Hampton and Louch Shacklock at £18.50 p.s.f.

John Arnold, CEO of Circle Property Plc "Compass now have a sufficiently long lease to allow them to invest with confidence in the Centre and so ensure that it remains one of the premier residential conference centres in the country.  Kents Hill Park represents a significant share of our portfolio, and the value of the Compass covenant and longer lease will be reflected in Circle's half year results which will be reported in November."

FTI Consulting	[phone]
Giles Barrie Richard Sunderland Clare Glynn

 

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