REG - Highcroft Invs PLC - Property Disposal

Highcroft InvestmentsAnnouncement

08/02/2023 15:30

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RNS Number : 3532P  Highcroft Investments PLC  08 February 2023

8 February 2023

Highcroft Investments PLC

Virtual freehold warehouse/R&D facility property disposal

The Board is pleased to announce that Highcroft Investments PLC, via its
property owning subsidiary Rodenhurst Estates Ltd, has today completed the
sale of the virtual freehold interest of its property at Ely Meadows, Talbot
Green, Llantrisant, South Wales.

The property comprises three inter-connecting buildings totalling
approximately 111,000 sq ft, on a site of approximately 20.67 acres. It is
occupied by British Aerospace Avionics Engineering Ltd on a lease expiring in
March 2024, producing an income of £805,011 per annum. The sale price was
£7,850,000 payable in cash at completion, representing a net yield of 9.6%.
The property was acquired by Cwm Taf Morgannwg University Local Health Board.

Commenting on the sale, Chief Executive Paul Leaf-Wright said: "Now that the
tenant is no longer in occupation, and in view of the impending lease expiry
in March 2024 and having benefitted from a yield, on original cost, of 11.6%
during our ownership, the Board decided to market the property which produced
strong local interest. The sale proceeds were £1,600,000 (25.6%) in excess of
the audited 31 December 2021, and unaudited 30 June 2022, valuations of
£6,250,000. The group intends to invest the proceeds as soon as practical to
ensure that we are invested in income producing assets. This sale is part of
our strategic process of continually reviewing our portfolio to maximise our
returns and protect our asset base".

For further information contact:

Highcroft Investments PLC:

Paul Leaf-Wright / Roberta Miles 01869 352766

 

Singer Capital Markets

Peter Steel / Alex Emslie - Investment Banking

+44 (0)20 7496 3000

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018.

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