REG - Highcroft Invs PLC - Replacement - Property Disposal <Origin Href="QuoteRef">HCFT.L</Origin>

Highcroft InvestmentsAnnouncement

06/09/2014 14:26

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RNS Number : 7275L
Highcroft Investments PLC
08 July 2014 
 
The following announcement replaces the announcement released under RNS no
7259L at 11.15am. 
 
In the second paragraph the net yield should read 6.81%, in the previous
announcement no number appeared. 
 
HIGHCROFT INVESTMENTS PLC 
 
8 July 2014 
 
Commercial Property Disposal 
 
The Board is pleased to announce that Rodenhurst Estates Limited (the property
owning subsidiary of Highcroft Investments PLC) has today exchanged contracts
on the sale of its property in Beckenham at auction.  . 
 
The property consists of a commercial building on 2 floors comprising
approximately 5,913 sq ft let in its entirety to Superdrug Stores PLC at a
current rent of £72,000 per annum for a term expiring in June 2018.  The
property, which was originally purchased in 1997, was sold for £1,000,000
which was 25% in excess of its December 2013 valuation of £800,000 and
represents a net yield of 6.81% to the purchaser. 
 
Highcroft intends to use the proceeds to continue its strategy of identifying
and investing in properties in the attractive market that sits between private
investors and larger corporate property investors. 
 
Chief Executive Simon Gill said: "The sale of Beckenham is part of our
strategy to sell our smaller investments and to reinvest the proceeds in
properties with a larger lot size." 
 
For further information, contact: 
 
Highcroft Investments PLC 
 
John Hewitt / Roberta Miles 01865 840023 
 
Charles Stanley Securities 
 
Dugald J. Carlean / Karri Vuori 0207 149 6000 
 
This information is provided by RNS
The company news service from the London Stock Exchange