Disposal

RNS Number : 6730R

Conygar Investment Company PLC(The)

18 June 2018

 

For immediate release

18 June 2018

THE CONYGAR INVESTMENT COMPANY PLC

SALE AGREED OF PREMIER INN AT PARC CYBI

The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces that it has exchanged contracts to forward sell its 80-bedroom hotel at Parc Cybi, on the outskirts of Holyhead, Anglesey to IM Properties PLC. The hotel is currently under construction and once built, it is subject to a 25 year lease with Premier Inn Hotels Limited.

The land value and development agreement will result in Conygar receiving net proceeds of £6.9 million, which represents a net initial yield of 4.7%. It is expected that the construction of the hotel will complete at the end of January 2019.

Robert Ware, Chief Executive of Conygar, commented:

"We are pleased to have agreed the sale of this development project, which will complete in January 2019 at a very competitive price, reflecting the strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers."

Enquiries:

The Conygar Investment Company PLC

Robert Ware: 020 7258 8670

Ross McCaskill: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Bootle: 020 3100 2222

Henry Freeman: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

Will Barker: 020 7002 1080 

This announcement is released by The Conygar Investment Company PLC and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Ross McCaskill, Finance Director.

 

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