Brief: Circle Property sells One Castle Park, Bristol for $27 mln

Circle Property

01/09/2021 07:11

Sept 1 (Reuters) - Circle Property PLC  CRC.L :
    * DISPOSAL OF ONE CASTLE PARK, BRISTOL FOR £20
MILLION($27.49
million)
    * HAS EXCHANGED CONTRACTS TO SELL ONE CASTLE PARK, BRISTOL
TO
BOULTBEE LDN CAPITAL LTD
    * SALE PRICE OF £20 MILLION REPRESENTS A 3.9% INCREASE ON 31
MARCH
2021 VALUATION OF £19.25 MILLION, WITH COMPLETION EXPECTED TO
TAKE PLACE ON 16 DECEMBER 2021
    * THE INVESTMENT PROPERTY WAS ACQUIRED BY THE COMPANY IN
NOVEMBER
2012 FOR £4.165 MILLION.
ONE CASTLE PARK, BRISTOL, COMPRISES A REFURBISHED MULTI-LET CITY
CENTRE OFFICE BUILDING PROVIDING 79,359 SQ FT OF ACCOMMODATION
WITH A WEIGHTED UNEXPIRED LEASE TERM OF 3.3 YEARS TO EXPIRY AND
TOTAL RENT PASSING OF £999,543 PER
ANNUM (£16.42 PSF OVERALL).
    * THE PROFIT BEFORE TAX FOR THE YEAR ENDING 31 MARCH 2021
ATTRIBUTABLE TO ONE CASTLE PARK WAS £0.65 MILLION.
    * CASH PROCEEDS FROM SALE WILL BE USED TO REDUCE COMPANY'S
GEARING
FROM CURRENT LEVEL

Source text for Eikon:  ID:nRSA3051Ka 
Further company coverage:  CRC.L 

($1 = 0.7275 pounds)

 (Reporting By Pamela Barbaglia)
 ((pamela.barbaglia@thomsonreuters.com;  ;))