re Purchase of Property

RNS Number : 1037J

Safeland PLC

15 December 2015

 

Safeland plc ("Safeland" or the "Company")

Acquisition

Safeland is pleased to announce that its wholly owned subsidiary, Cloverdale Estates Limited, has exchanged contracts to purchase a substantial detached freehold house in a prime location in Hampstead Garden Suburb, London N2 for a consideration of £6.225 million in cash. The consideration will be funded by a combination of debt from the Company's existing bank facilities and the Company's own cash.

The Company plans a comprehensive refurbishment of the property, which is expected to take approximately 9 months to complete, prior to seeking to onward sell the property. Completion is expected to take place on 30 March 2016.      

For further information, please contact:

Safeland plc                                                                             [phone]

Larry Lipman, Managing Director

Colin Stone, Finance Director                      

Westhouse Securities Limited                                             [phone]

Tom Griffiths

 

END

 

 

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