Commercial property investment

RNS Number : 5034K

Highcroft Investments PLC

21 August 2012

 



HIGHCROFT INVESTMENTS PLC

Commercial Property Investment

The Board is pleased to announce that Rodenhurst Estates Limited (the property owning subsidiary of Highcroft Investments PLC) completed the purchase of a property located in Elms Industrial Estate, Bedford on 21 August 2012 from Eastburn Estates Limited.  The property consists of a single industrial unit with customer parking and service yard let to Booker Limited with an unexpired lease term of 14 years and 11 months.  The consideration of £1,860,658 net of costs has been funded out of the group's own cash resources.  The current rent is £180,000 pa and there are rent incentives in place that taken together result in a yield of 8.1% calculated over the remaining lease term.

Commenting on the purchase Chief Executive Jonathan Kingerlee said: "Following the disposal early this month of our property in Victoria, London we are pleased to be reinvesting some of those proceeds so promptly back into the property market particularly as this acquisition addresses our ambition to improve our average unexpired lease terms and our covenant and yield profile."

For further information, contact:

Highcroft Investments PLC

John Hewitt / Roberta Miles                        01865 840023

Charles Stanley Securities

Dugald J. Carlean / Karri Vuori                    0207 149 6000

 

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