REG - Highcroft Invs PLC - Commercial property acquisition <Origin Href="QuoteRef">HCFT.L</Origin>

Highcroft InvestmentsAnnouncement

06/09/2014 18:40

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RNS Number : 9038M
Highcroft Investments PLC
21 July 2014 
 
HIGHCROFT INVESTMENTS PLC 
 
21st July 2014 
 
Commercial Property Acquisition 
 
The Board is pleased to announce that Rodenhurst Estates Limited (the property
owning subsidiary of Highcroft Investments PLC) has today exchanged and
completed on the purchase of a freehold warehouse investment in Ash Vale,
Aldershot from a Guernsey based company. 
 
The property comprises a warehouse constructed in 2001 and provides
approximately 24,853 sq ft on a site of  1.5 acres (0.61 hectares)
representing a site cover of 35%. The property is let in its entirety to
Buildspan Limited, a wholly-owned subsidiary of Sheffield Insulation Group
(SIG), for a term of years expiring in 2027 at a current rent of £225,000 pa
exclusive.  The purchase price was £3,125,000 representing a net yield of
6.8%.  The acquisition was made from cash resources. 
 
Commenting on the acquisition Chief Executive Simon Gill said: "This purchase
fits in well with our stated strategy of buying quality assets and increasing
our average lot size and is a good opportunity of reinvesting the proceeds
from our recent sales. Demand for modern freeholds in this area is strong but
our efforts to identify this opportunity were rewarded and we were very
pleased to agree a deal off market.  We continue to actively seek investments
of a similar nature." 
 
For further information, contact: 
 
Highcroft Investments PLC 
 
John Hewitt / Roberta Miles 01865 840023 
 
Charles Stanley Securities 
 
Dugald J. Carlean / Karri Vuori 0207 149 6000 
 
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