Sale of Cross Hands Retail Park

RNS Number : 2228B

Conygar Investment Company PLC(The)

10 February 2022

 

10 February 2022

THE CONYGAR INVESTMENT COMPANY PLC

(THE "COMPANY")

Sale of Cross Hands retail park

The Conygar Investment Company PLC ("Conygar"), the property investment and development group, announces that it has completed the disposal of its retail park in Cross Hands, Llanelli for a net consideration of £18.25 million.  The net proceeds are expected to be utilised in progression of the Company's development at The Island Quarter site in Nottingham.

Freddie Jones, Director at Conygar said "We are delighted to have exited our retail park development. Since we purchased the 10-acre site in 2015 we have constructed and fully let the 92,000 sqft scheme to leading operators including Lidl, B and M Retail, Iceland's Food Warehouse, Costa Coffee and Pets at Home with annual net rental income of £1.3 million. The sale is at a £0.5 million premium to the September 2021 year end valuation which reiterates our strategy of selling completed developments."

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

Enquiries:

The Conygar Investment Company PLC

Robert Ware/Freddie Jones      020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Lindley/Jamie Richards/Edward Phillips                                                                     020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers                             07795 425580

Will Barker                                                                                                                                      07827 960151

 

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