Disposal of the former Portland Hotel in Hull

Summary by AI ^BETAClose X

Ground Rents Income Fund plc has exchanged contracts to sell its former Portland Hotel property in Hull for £1.45 million, with completion expected by June 24, 2026. This sale, which resolves legacy asset management issues and forfeits the previous tenant's lease, also includes a £125,000 contribution from the purchaser towards legal costs and an additional £250,000 for vacant possession. The net sale proceeds are anticipated to be used to repay the company's £3.9 million loan facility with Santander UK plc, aligning with the company's strategic objectives.

Disclaimer*

Ground Rents Income Fund PLC

26 March 2026

Ground Rents Income Fund plc

("GRIO" or the "Company")

DISPOSAL OF THE FORMER PORTLAND HOTEL IN HULL

Ground Rents Income Fund plc announces that it has exchanged contracts to sell its freehold interest in the property formerly known as The Portland Hotel in Hull, for £1.45 million. Completion is expected by 24 June 2026.

The property was acquired in 2013 for £600,000. The transaction also resolves legacy asset management issues, including forfeiting the previous tenant's lease for material breach. In addition to the sale price, the purchaser is contributing £125,000 to the Company's legal costs and a further £250,000 associated with gaining vacant possession from the previous tenant.

The property is not part of the security pool for the Company's outstanding loan of £3.9 million with Santander UK plc; however, the Company expects net sale proceeds to be utilised to repay the facility in accordance with the Company's strategy.

This announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation ('MAR') which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018; as amended. Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.

Enquiries:

Schroder Real Estate Investment Management Limited

Chris Leek

020 7658 6000

Singer Capital Markets (Financial Adviser & Broker)

James Maxwell / Sam Butcher (Investment Banking)

Sam Greatrex (Sales)

020 7496 3000

Appleby Securities (Channel Islands) Limited (Sponsor)

Andrew Weaver / Michael Davies

01534 888 777

FTI Consulting

Richard Gotla / Oliver Parsons

0203 727 1000

JTC (UK) Limited (Company Secretary)

Ruth Wright

+44 207 409 0181

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