REG - Ground Rents Inc Fnd - Disposal of the former Portland Hotel in Hull

Ground Rents Income FundAnnouncement

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RNS Number : 1609Y  Ground Rents Income Fund PLC  26 March 2026

26 March 2026

 

Ground Rents Income Fund plc

("GRIO" or the "Company")

 

DISPOSAL OF THE FORMER PORTLAND HOTEL IN HULL

 

Ground Rents Income Fund plc announces that it has exchanged contracts to sell
its freehold interest in the property formerly known as The Portland Hotel in
Hull, for £1.45 million. Completion is expected by 24 June 2026.

 

The property was acquired in 2013 for £600,000. The transaction also resolves
legacy asset management issues, including forfeiting the previous tenant's
lease for material breach. In addition to the sale price, the purchaser is
contributing £125,000 to the Company's legal costs and a further £250,000
associated with gaining vacant possession from the previous tenant.

 

The property is not part of the security pool for the Company's outstanding
loan of £3.9 million with Santander UK plc; however, the Company expects net
sale proceeds to be utilised to repay the facility in accordance with the
Company's strategy.

 

This announcement contains inside information for the purposes of the UK
version of the Market Abuse Regulation ('MAR') which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018; as amended. Upon
publication of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR.

 

Enquiries:

 

Schroder Real Estate Investment Management Limited

Chris Leek

020 7658 6000

 

Singer Capital Markets (Financial Adviser & Broker)

James Maxwell / Sam Butcher (Investment Banking)

Sam Greatrex (Sales)

020 7496 3000

 

Appleby Securities (Channel Islands) Limited (Sponsor)

Andrew Weaver / Michael Davies

01534 888 777

 

FTI Consulting

Richard Gotla / Oliver Parsons

0203 727 1000

 

JTC (UK) Limited (Company Secretary)

Ruth Wright

+44 207 409 0181

 

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