Acquisition of Property

RNS Number : 8539I

Safeland PLC

09 July 2013

 



Safeland Plc

"Safeland" or the "Company"

Acquisition of Property

Safeland plc is pleased to announce that it has exchanged contracts to acquire a property in Muswell Hill for a consideration of £4.65 million which is to be satisfied from a recently renewed 3 year revolving credit facility of £12.5 million.  Completion of the purchase is expected at the end of September 2013.

The property which is approximately 19,500 sq ft (gross internal area) was, up until recently trading as a hotel, and has a lapsed planning consent for conversion into residential flats. Safeland intends to make a new application for a similar scheme for conversion into flats after completion of the purchase.

Enquiries:

Safeland plc                                                                 

Larry Lipman, Managing Director

Colin Stone, Finance Director

Tel: [phone]

www.safeland.co.uk

Westhouse Securities Limited

Tom Griffiths

T: 020 7601 6100

 

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