RCS - Boot(Henry) PLC - Henry Boot PLC boosts development pipeline

Henry BootAnnouncement

22/04/2021 07:00

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RNS Number : 2209W  Boot(Henry) PLC  22 April 2021

 

22 April 2021

 

HENRY BOOT PLC

('Henry Boot' or 'the Group')

Henry Boot PLC boosts pipeline with two strategic acquisitions

 

Henry Boot PLC has made two acquisitions in line with its strategic targets of
increasing its investment portfolio towards a target of £150million, and to
continue to expand its £1.4bn total development pipeline (HB share £1.1.bn).

HBD, the Group's property development business, has acquired Allied Business
Centre, a 150,000 sq ft industrial estate in Skelmersdale, Lancashire from
West Pimbo Limited for £4.75 million. The estate is in a strategic location
adjacent to Junction 5 of the M58 motorway and comprises 117,800 sq ft of
warehouse space plus serviced offices spanning over 30,000 sq ft.

The three warehouse units are let to Messenger Express Warehousing Limited who
have been in occupation for over 15 years and the serviced office space is
multi-let to 13 tenants. The estate generates total rental income of circa
£303,000 per annum, with the purchase price reflecting a net initial yield of
nearly 6.0%. The 10.7-acre site has low site coverage of around 30% which
offers excellent redevelopment potential in the future.

HBD has also secured a prominent 2.6-acre city centre site in Birmingham's
popular Jewellery Quarter with a view to delivering a circa £100m GDV
residential-led mixed use scheme. Previously occupied by a Sytner BMW
dealership the site was acquired with vacant possession from the joint
vendors, King Edward 's School and Sytner Group.

Ed Hutchinson, managing director of HBD, said: "These two deals are the latest
in a series of acquisitions by HBD, which include a key site in Manchester's
St Johns district and the purchase of 60,000 sq. ft. in Mabgate, Leeds. All of
these latest acquisitions have significant future redevelopment potential and
are an excellent strategic fit for our business."

The acquisitions form part of the Group's core development strategy targeting
industrial and logistics, residential and urban development schemes.

ends-

Enquiries:

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

 

Numis Securities Limited

Joint Corporate Broker

Garry Levin/George Fry

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: 020 7418 8900

 

Hudson Sandler

Financial PR

Nick Lyon/Wendy Baker

Tel: 020 7796 4133

 

About Henry Boot PLC

Henry Boot PLC (BOOT.L) was established over 130 years ago and is one of the
UK's leading and long-standing property investment and development, land
promotion and construction companies. Based in Sheffield, the Group is
comprised of the following three segments:

Land Promotion:

Hallam Land Management Limited
(http://www.henryboot.co.uk/our-businesses/hallam-land-management/)

Property Investment and Development:

Henry Boot Developments Limited (HBD)
(http://www.henryboot.co.uk/our-businesses/hbd/) , Stonebridge Homes Limited
(http://www.henryboot.co.uk/our-businesses/stonebridge-homes/)

Construction:

Henry Boot Construction Limited
(http://www.henryboot.co.uk/our-businesses/henry-boot-construction/) , Banner
Plant Limited (http://www.henryboot.co.uk/our-businesses/banner-plant/) , Road
Link (A69) Limited (http://www.henryboot.co.uk/our-businesses/road-link-a69/)

The Group possess a high-quality strategic land portfolio, an enviable
reputation in the property development market backed by a substantial
investment property portfolio and an expanding, jointly owned, house building
business. It has a construction specialism in both the public and private
sectors, a long-standing plant hire business, and generates strong cash flows
from its PFI contract through Road Link (A69) Limited.

www.henryboot.co.uk (http://www.henryboot.co.uk)

 

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