Hill & Smith Hldgs PLC
23 January 2001
SALE & LEASEBACK AND DISPOSAL
The Board of Hill & Smith Holdings PLC is pleased to announce that, in line
with its strategy of reducing debt by disposal of investment and other
properties, it has contracted for the sale and leaseback of the site at
Telford occupied by Eurogrid Limited and Access Design and Engineering
Limited. Completion is set for tomorrow.
The sale and leaseback has been entered into with Brentside Investments
Limited. The net book value of the property was £2.6m at 31 December 2000 and
it will be sold for £2.8m after allowing for costs. The lease is for a term
of 20 years at an initial rent of £242,000, which will be subject to 5 yearly
reviews, representing an annual yield of 8.6%.
This follows the sale in December 2000 of the Streetly investment property for
£1.6m. The debt of the Group will be reduced by £4.4m as a result of these
two transactions.
For further information, please contact:
Hill & Smith Holdings PLC Tel: 01902 357 910
Howard Everett, Company Secretary
Rawlings Financial PR Limited Tel: 01756 770 376
Catriona Valentine
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.