Sale of Residential Development Site

RNS Number : 6145R

Alpha Real Trust Limited

01 March 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 

1 March 2019

LEI: 213800BMY95CP6CYXK69

ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY") ANNOUNCES SALE OF RESIDENTIAL DEVELOPMENT SITE, "MONK BRIDGE", LEEDS

The Company announces the sale of its residential development site, "Monk Bridge" in Leeds to Highline Holdings Limited and Whitehall Holdings Limited, wholly-owned subsidiary entities of City Developments Limited (CDL) for a total transaction value of £15.4 million.

The Company acquired the development site in December 2015 at which time the site had implemented planning consent for 269 residential units.

Detailed consent was subsequently granted for a further 395 residential units in the development over 5 buildings of up to 21 storeys. Full planning permission was obtained for the site which has a residential and commercial net lettable area of around 386,000 sq ft and 16,000 sq ft respectively.

The sale price is above the Company's latest published value for the site. ART has sold the site with the benefit of full detailed planning permission and completed final stage plans.

Proceeds from the sale are to be deployed in line with the Company's investment strategy.

For further information please contact:

Alpha Real Trust Limited

David Jeffreys, Chairman, Alpha Real Trust                         [phone]

Brad Bauman, Joint Fund Manager, Alpha Real Trust       [phone]

Panmure Gordon, Broker to the Company

Richard Gray / Andrew Potts                                                    [phone]

Registered office: Old Bank Chambers, La Grande Rue, St Martin's, Guernsey, GY4 6RT

Alpha Real Trust Limited is advised by Alpha Real Capital LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

 

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