1st Acquisition with Alpha Real Capital Agreement

RNS Number : 3537L

Dukemount Capital PLC

24 December 2018

 

Dukemount Capital Plc

("Dukemount" or the "Company")

Agreement on First Acquisition with Alpha Real Capital

Dukemount Capital plc, the long-dated income provider and property management company is pleased to announce that it has forward-funded and pre-sold the first project (West Derby) to a segregated mandate limited partnership managed by Alpha Real Capital. This will result in the limited partnership acquiring the building, providing the financing for the redevelopment and paying a premium to Dukemount upon practical completion. The first stage of the process will result in a payment to Dukemount of £570,000 for the enhanced value of the site and the preliminary costs. The total funding package from Alpha for the complete development is £3 million.

The West Derby project involves the demolition of a large existing building and the development of a purpose-built structure with 17 apartments for the supported living sector and 3,200 square feet of retail space.

Dukemount Capital will be responsible for the management and development of the property to the exacting requirements of the supported living housing association and care provider, in accordance with the terms of the 50-year lease they have signed on the property.

Alpha Real Capital is an investment services group with more than £2bn of assets under management and focused on income security from real assets. The group invests in asset-backed income from real estate, infrastructure and lending with an emphasis on long income and inflation protection. More information is available at https://alpharealcapital.com/

Dukemount Executive Chairman Geoffrey Dart said, "We are delighted to be working with Alpha whose professionalism and commitment, has enabled us to reach this agreement which we consider to be extremely beneficial to both parties, in this deal and in the future . A roadmap has been created which we expect will achieve a smoother timescale for future acquisition and development completions. Our pipeline for 2019 is currently looking very promising and I look forward to updating investors as opportunities arrive."

 Architect plans can be viewed on our website at: http://dukemountcapitalplc.com/media.php

Market Abuse Regulation (MAR) disclosure

Certain statements in this announcement contain inside information for the purpose of Article 7 of EU Regulation 596/2014.

 For further information, please contact:

Walbrook PR (Media and Investor Enquiries	Tel: [phone]
Paul Cornelius / Gary Middleton	[e-mail]
Optiva Securities Ltd	Tel: [phone]
Christian Dennis - Corporate Broker
Jeremy King - Corporate Broker
Peterhouse Corporate Finance Limited	Tel: [phone]
Lucy Williams/Duncan Vasey

 

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