REG - KCR Residential REIT - Acquisition of leasehold apartment <Origin Href="QuoteRef">KCR.L</Origin>

KCR Residential ReitAnnouncement

08/01/2018 07:05

RNS Number : 1540B
KCR Residential REIT PLC
08 January 2018
8 January 2018
KCR Residential REIT Plc
Acquisition of leasehold apartment
KCR Residential REIT plc ("KCR" or the "Company") is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited ("Osprey"), has acquired a further apartment within one of its freehold retirement residential developments. The 67-year lease of the apartment was purchased for a consideration of 310,000, excluding costs.
The acquisition was funded via a drawdown from the "2018 Loan" of 1,875,000 announced on 4 January 2018.
In line with the previous leasehold acquisitions, the apartment will be refurbished and sold subject to a new 125-year lease such that Osprey retains the freehold interest.
Dominic White, the chief executive of KCR, said: "KCR has continued to implement its investment strategy with rapid drawdown of part of the 2018 Loan, which has further demonstrated the company's ability to deploy capital quickly into its pipeline of opportunities. We will manage and invest in the freehold Osprey portfolio to improve yield generation and increase shareholder value over the long term."
Contacts:
KCR Residential REIT plc
Dominic White, Chief executive
info@kcrreit.com
+44 20 3793 5236
Arden Partners plc
William Vandyk
Steve Douglas
+44 20 7614 5917
Yellow Jersey PR
Charles Goodwin
+44 7747 788 221
Notes to Editors:
KCR's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets in residential areas in the UK. 

This information is provided by RNS
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