Acquisition

RNS Number : 6603U

Pacific Industrial & Log REIT PLC

20 January 2017

 

Pacific Industrial & Logistics REIT plc

("Pacific Industrial & Logistics", the "Company" or the "Group")

Acquisition

Pacific Industrial & Logistics REIT plc (AIM:PILR), a real estate investment trust focused on sub £10m lot size industrial and logistics properties, is pleased to announce that on 19 January 2017 it completed the acquisition of a site at Park Road, Holmewood Industrial Park, Holmewood, Chesterfield S42 5UT from Tangerine Confectionary Limited for a total consideration of £4.8m (the "Acquisition").

The Acquisition has been financed by the proceeds of the placing of 11.1 million new ordinary shares in the Company at a price of 100 pence per share announced on 9 November 2016. It will be refinanced under terms agreed with the Company's debt facility provider at a loan-to-value of 45%.

A new short-term lease to Tangerine Confectionery Limited has been entered into following purchase, expiring 31^st May 2017 at a rent of £42,000 per month. There is a rent guarantee in place, if the building is not then re-let, with Tangerine Confectionary Limited until 31^st December 2017. The acquisition is in line with the Company's investment policy and management are confident in the opportunity to re-let the site which is in a well established location with access to J29 of the M1.

Richard Moffitt commented: "We are delighted with this acquisition, it is a quality and well-located site that offers the Company an asset management opportunity in the short term"

For further information regarding Pacific Industrial & Logistics REIT plc please call: 

Pacific Industrial & Logistics REIT Plc Richard Moffitt	[phone]
finnCap - Nominated Adviser and Broker Stuart Andrews/ Grant Bergman/ Giles Rolls - Corporate finance Christian Hobart - Corporate broking	[phone]

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

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