Sale of South Shields Retail

RNS Number : 9659I

Boot(Henry) PLC

23 March 2010

 



HENRY BOOT PLC

 

Sale of South Shields Retail Investment

Henry Boot Developments Limited ('the Company'), the property development and investment subsidiary of Henry Boot PLC, has completed the sale of its highly successful Waterloo Square retail investment in South Shields town centre to Royal London Mutual Insurance Society Limited.

This retail development, originally undertaken in partnership with South Tyneside Council as part of a large regeneration scheme which also includes a 60,000 sq ft Asda foodstore, comprises over 70,000 sq ft of non food retail space let to quality fashion retailers Next, Debenhams, BHS and River Island.

The sale price was £11.5m which achieved an investment yield of 5.8% and was 28% above the 2009 year end valuation of £9m, reflecting a strong recovery in investment values for the type of quality well-let property investments the Company develops.

For further information, please contact:

Henry Boot PLC

Jamie Boot, Group Managing Director

John Sutcliffe, Group Finance Director

Tel: [phone]

Citigate Dewe Rogerson

Fiona Tooley

Tel: [phone]

Mobile: [phone]

Editors Note:

Henry Boot PLC announced preliminary results for the year end 31 December 2009 today.  Further details can be found on the website www.henryboot.co.uk

 

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