Investment Property Sale

RNS Number : 9704M

Artisan (UK) PLC

24 August 2011

 



24 August 2011

Artisan (UK) plc

("Artisan" or the "Group")

Investment Property Sale

Artisan (UK) Properties Limited, a Group subsidiary, has disposed of its long leasehold building located on Artisan's Colmworth Business Park at St Neots, Cambridgeshire. The building is currently let to Black Teknigas & Electro Controls Ltd. and Watts Industries Europe B.V. under a lease which includes an option for the development of an extension.  Following a renegotiation of the terms of the extension option to provide certainty and meet the occupier's desired timetable, the building has been sold to regional investor, Malco Holdings Limited.

The proceeds of the sale will be used to repay a Group debt facility secured against the property of approximately £2.25m and to provide increased working capital to the Group of approximately £1m.  Artisan is very pleased to announce this transaction and believes that the additional funds provided after repayment of debt will be beneficial for its ongoing development activities.

Enquiries:

Artisan (UK) plc Chris Musselle	Tel: [phone]
Altium Adrian Reed Adam Sivner	Tel: [phone]
Bankside Consultants - Financial PR advisers Simon Rothschild	Tel: [phone]

 

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