Acquisition of Three Leasehold Apartments

RNS Number : 8872K

K&C REIT PLC

12 July 2017

 

12 July 2017

K&C REIT plc


("K&C")

Acquisition of three leasehold apartments

K&C REIT plc is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited, has acquired three apartments within one of its freehold retirement residential developments.  The 67-year leases of the three apartments were purchased for a total consideration of £935,000, excluding costs, using the proceeds of the £1.35 million of loan notes announced on Monday 10 July. Following acquisition, the units will be refurbished and added to K&C's portfolio of rental properties.

Dominic White, the chief executive of K&C, said, "These transactions demonstrate K&C's ability to act quickly to acquire high-quality residential assets from its pipeline of opportunities that will improve the overall portfolio income yield, and generate immediate and long-term value for shareholders".

Contacts:

K&C REIT plc Dominic White, Chief executive Tim James, Property director Arden Partners plc William Vandyk Steve Douglas	[e-mail] [phone] [phone] [phone]
Yellow Jersey PR Charles Goodwin	[phone]

Notes to Editors:

K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in London and other key residential areas in the UK. 

 

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