Disposal of Properties

RNS Number : 5306H

Off-Plan Fund Limited (The)

23 February 2010

 

23 February 2010

THE OFF-PLAN FUND LIMITED

(the "Fund")

Disposal of Properties

The Fund announces that on 22 February 2010, it exchanged contracts for the sale of its entire holding of units, comprising six two-bedroom flats, at Wimbledon House, Leicester.

These properties were sold at the Allsop residential property auction held yesterday for a total cash consideration of £430,500. This equates to a sale price of £71,750 per flat. As at 31 March 2009, the date to which the Fund's most recent interim results were announced, the six apartments were valued at £764,000.  However, the most recent independent third party valuation of the six units commissioned by the Fund, as at 30 September 2009, valued the portfolio at £482,000, assuming a block sale.

On exchange, the Fund received a 10 per cent. non-refundable deposit and, under the terms and conditions of the auction, completion is expected to take place by 23 March 2010.

Further to the announcement made by the Fund on 26 October 2009 and the approval, by Members, at a general meeting held on 4 December 2009 of the proposals to commence the orderly winding down of the activities of the Fund, the Directors confirm that they will provide Members with details of the quantum and timing of further share redemptions or other forms of distributions at the time of the announcement of its annual results for the year ended 30 September 2009 which are expected to be released in March 2010.

List of Contacts:

Development Capital Management

Andy Gardiner

Tom Pridmore

020 7355 7600

Merchant John East Securities Limited

(Nominated Adviser)

Bidhi Bhoma/Simon Clements

020 7628 2200

 

END

 

 

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