Acquisition of leasehold apartment

RNS Number : 9941I

KCR Residential REIT PLC

27 March 2018

 

27^th March 2018

KCR Residential REIT Plc

Acquisition of leasehold apartment

KCR Residential REIT plc ("KCR" or the "Company") is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited ("Osprey"), has acquired a further apartment within one of its freehold retirement residential developments.  The 67-year lease of the apartment was purchased for a consideration of £365,000 excluding costs.

In line with the previous leasehold acquisitions, the apartment will be refurbished and re-presented to the market such that Osprey retains the freehold interest.

Dominic White, Chief Executive of KCR, said: "KCR continues to implement its asset management strategy in the freehold Osprey retirement property portfolio to improve yield generation and increase shareholder value in the short to medium term."

Contacts:

KCR Residential REIT plc Dominic White, Chief executive	[e-mail] [phone]
Arden Partners plc Steve Douglas	[phone]

Notes to Editors:

KCR's objective is to build a substantial residential property portfolio that generates both secure income flow and increasing net asset value for shareholders.  It acquires blocks of studio, one- and two-bed apartments that are close to transport links, shopping and leisure.  As a Real Estate Investment Trust, KCR predominantly acquires buildings owned by SPVs (Special Purpose Vehicles) with inherent historical capital gains since this structure often delivers tax advantages to REIT purchasers. The Directors intend that the group will acquire, develop and manage residential property assets in the UK. 

 

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