Disposals

RNS Number : 5348K

Circle Property PLC

22 December 2022

 

22 December 2022

Circle Property Plc

("Circle", the "Company" or the "Group")

Disposals

Circle Property Plc (AIM: CRC), is pleased to announce, in line with its disposal strategy, that it has exchanged contracts on the sale of 36 Great Charles Street, Birmingham and it has also exchanged and simultaneously completed the sale of 710 Aztec West, Bristol (the "Disposals").

36 Great Charles Street, Birmingham ("36 Great Charles Street")

The Company has exchanged contracts on the sale of 36 Great Charles Street to Posthandle Limited for £3.66 million. 36 Great Charles Street comprises a semi-detached seven storey office building that was acquired by the Group in September 2015 for £2.5 million. Profit before tax for the year ended 31 March 2022 attributable to 36 Great Charles Street was £0.146 million. The sale price represents a 29.6% decrease on the 31 March 2022 valuation of £5.2 million. Completion is expected in mid-January 2023.

710 Aztec West, Bristol ("710 Aztec West")

The Company has exchanged and simultaneously completed the sale of 710 Aztec West to Harwood Business Parks Investment Limited for £2.3 million. 710 Aztec West comprises an office building in Bristol's premier out of town business park. The Group acquired 710 Aztec West together with 720 Aztec West in March 2018 for a combined consideration of £4.2 million. The Group has already disposed of 720 Aztec West as announced on 12 May 2022. Profit before tax for the year ended 31 March 2022 attributable to 710 Aztec West was £0.214 million. The sale price represents a 10.7% decrease on the 31 March 2022 valuation of £2.6 million.

The net proceeds from the Disposals, following completion, will be held as Group cash and the Board expects that a minimum of two returns of capital will be made to shareholders, the first of which is expected to occur in Q1 2023.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

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

 

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