REG - Circle Property PLC - Disposals

Circle PropertyAnnouncement

22/12/2022 07:00

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RNS Number : 5348K  Circle Property PLC  22 December 2022

22 December 2022

Circle Property Plc

("Circle", the "Company" or the "Group")

 

Disposals

 

Circle Property Plc (AIM: CRC), is pleased to announce, in line with its
disposal strategy, that it has exchanged contracts on the sale of 36 Great
Charles Street, Birmingham and it has also exchanged and simultaneously
completed the sale of 710 Aztec West, Bristol (the "Disposals").

 

36 Great Charles Street, Birmingham ("36 Great Charles Street")

 

The Company has exchanged contracts on the sale of 36 Great Charles Street to
Posthandle Limited for £3.66 million. 36 Great Charles Street comprises a
semi-detached seven storey office building that was acquired by the Group in
September 2015 for £2.5 million. Profit before tax for the year ended 31
March 2022 attributable to 36 Great Charles Street was £0.146 million. The
sale price represents a 29.6% decrease on the 31 March 2022 valuation of £5.2
million. Completion is expected in mid-January 2023.

 

710 Aztec West, Bristol ("710 Aztec West")

 

The Company has exchanged and simultaneously completed the sale of 710 Aztec
West to Harwood Business Parks Investment Limited for £2.3 million. 710 Aztec
West comprises an office building in Bristol's premier out of town business
park. The Group acquired 710 Aztec West together with 720 Aztec West in March
2018 for a combined consideration of £4.2 million. The Group has already
disposed of 720 Aztec West as announced on 12 May 2022. Profit before tax for
the year ended 31 March 2022 attributable to 710 Aztec West was £0.214
million. The sale price represents a 10.7% decrease on the 31 March 2022
valuation of £2.6 million.

 

The net proceeds from the Disposals, following completion, will be held as
Group cash and the Board expects that a minimum of two returns of capital will
be made to shareholders, the first of which is expected to occur in Q1 2023.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.

 

 

 Circle Property Plc                               +44 (0)20 7930 8503
 John Arnold, CEO

 Edward Olins, COO

 Cenkos Securities plc                            +44 (0)20 7397 8900
 Katy Birkin

 Mark Connelly

 George Lawson

                                                  +44 (0)20 3897 1830

 Radnor Capital

 Joshua Cryer

 Iain Daly

 Camarco                                          +44 (0)20 3757 4992
 Ginny Pulbrook

 Toby Strong

 

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