REG - Wynnstay Properties - Acquisition

Wynnstay PropertiesAnnouncement

26/04/2023 07:00

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RNS Number : 4474X  Wynnstay Properties PLC  26 April 2023

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement, this
information is considered to be in the public domain.

WYNNSTAY PROPERTIES PLC

("Wynnstay" or the "Company")

Acquisition

 26 April 2023

Wynnstay is pleased to announce that it has exchanged contracts for the
acquisition from Citiclient (CCF) Nominees Limited and Citiclient (CCF)
Nominees No 2 Limited, acting on behalf of The Charities Property Fund, of
Riverdale Industrial Estate, Vale Road, Tonbridge, Kent TN9 1SS ("the
Property") for a cash consideration of £2.35 million.

The Property is freehold and comprises five industrial units arranged as two
terraces with a central service yard. The estate is fully let to four tenants
with a range of lease expiry dates. The current passing rent totals £140,350
per annum and is subject to three outstanding upward only rent reviews
effective from 29 September 2022 and a pending lease expiry on 30 November
2023. The net initial yield is 5.6 per cent., which it is anticipated should
rise to around 6.9 per cent. following a successful conclusion of the
outstanding rent reviews and lease negotiations.

The total acquisition cost of approximately £2.5 million, which includes
stamp duty and other acquisition costs, is being funded entirely from the
Company's existing cash resources. The acquisition in expected to be completed
approximately two weeks after exchange of contracts.

Commenting on the transaction Philip Collins, Chairman of Wynnstay, said:

 "The acquisition of this well-let estate is a good strategic fit with
Wynnstay's existing portfolio in the South-east, including our Quarry Wood
Industrial Estate at Aylesford."

For further information please contact:

Wynnstay Properties Plc:

Paul Williams, Managing Director

020 7554 8766

 

W H Ireland (Nominated Adviser and Broker):

Hugh Morgan, Chris Hardie and Sarah Mather

020 7220 1666

 

LEI number: 2138006MASI24JYW5076

 

For more information visit: www.wynnstayproperties.co.uk

 

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