Disposal of 135 Aztec West, Bristol for £3.961m

RNS Number : 6085K

Circle Property PLC

03 September 2021

 

3 September 2021

Circle Property Plc

("Circle" or the "Company")

Disposal of 135 Aztec West, Bristol for £3.961 million

Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, is pleased to announce that it has completed the sale of 135 Aztec West in Bristol to Assura Aspire Limited.  The sale price of £3.961 million represents a 156% increase (pre-refurbishment cost) and a 62% increase (post refurbishment cost) on the 31 March 2021 valuation of £1.55 million. The building was refurbished in the first half of 2021 at a cost of approximately £2.175 million less tenant contributions of £0.725 million resulting in a net cost to the Company of £1.45 million. The cash proceeds from the sale will be utilised to reduce the Company's gearing from the current level.

Circle Property Plc	[phone]
John Arnold, CEO Edward Olins, COO
Cenkos Securities plc	[phone]
Katy Birkin Mark Connelly Radnor Capital Joshua Cryer Iain Daly	[phone]
Camarco	[phone]
Ginny Pulbrook Toby Strong

About Circle Property Plc

Circle is amongst the best performing quoted UK real estate companies having delivered 84% NAV growth and a 105% total return (NAV growth and dividends) since IPO in 2016.

Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.

Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.

As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with current total estimated rental values of £10.92 million per annum, compared to contracted rent of £8.70 million at 31 March 2020. The Company has a portfolio of 13 regional commercial property investment and development assets in the UK valued at £132.15 million as at 31 March 2021.

*  valuation figures stated after deducting the value of Power House, Davy Avenue, Milton Keynes (being £3.3 million as at 31 March 2020 and £3.25 million as at 30 September 2020) which was sold by the Company for £3.55 million in March 2021.

 

END

 

 

DISBLGDCXUGDGBD