Property Acquisition

RNS Number : 6826Y

Highcroft Investments PLC

30 December 2010

 



HIGHCROFT INVESTMENTS PLC

Commercial Property Investment

The Board is pleased to announce that, having reviewed many opportunities during 2010, Rodenhurst Estates Limited the subsidiary of Highcroft Investments PLC, completed the purchase of a property located in Leamington Spa on 29 December 2010.  The property comprises a terrace of three industrial units currently operated as one, and let to one tenant with an unexpired lease term of 12 years.   The acquisition for a consideration of £1,475,000 net of costs has been funded out of the group's own cash resources.  The current rent is £105,000pa.

The Board is also pleased to report that, since the Interim Management Statement, Rodenhurst has also exchanged contracts on the sale of one of its residential properties and this transaction will be completed in the New Year.

Commenting on the acquisition Chairman John Hewitt said: "This investment is part of a continuing programme to enhance the quality of our property portfolio and in particular to improve our average unexpired lease term and our covenant and yield profile."

For further information, contact:

Highcroft Investments PLC

John Hewitt     / Roberta Miles                        01865 840023

Charles Stanley Securities

Dugald  J. Carlean / Karri Vuori                      0207 149 6000

 

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