REG - Wynnstay Properties - Property Acquisition

Wynnstay PropertiesAnnouncement

16/05/2025 12:15

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RNS Number : 0531J  Wynnstay Properties PLC  16 May 2025

The information communicated within this announcement is deemed to constitute
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WYNNSTAY PROPERTIES PLC

("Wynnstay" or "the Company")

Property Acquisition

16 May 2025

Wynnstay Properties PLC (AIM:WSP) is pleased to announce that it has exchanged
contracts with two private investors for the acquisition of Units 3-7,
Pembroke Avenue, Denny End Industrial Estate, Waterbeach, Cambridge, CB25 9QP
("the Property") for an aggregate cash consideration of approximately £2.77
million (the "Acquisition").

The Property is freehold and comprises a terrace of five light industrial
warehouse units with an extensive front service yard forming part of an
established industrial estate beside the A10 trunk road. Three units are let
as warehouse space to a specialist manufacturing business, one to a national
motor parts trade counter and the remaining unit is let on a long-leasehold
interest.  The total rental income of £183,100 per annum is secured on
leases with a weighted average unexpired lease term of 7 years and provides a
net initial yield of 6.2%. This is anticipated to rise to provide a
reversionary yield of 6.45%, predominantly following rent reviews in 2028 and
a lease renewal or reletting in 2029.

The total cost of the Acquisition, which includes stamp duty land tax and due
diligence fees, is anticipated to be approximately £2.95 million and will be
funded as to approximately 60% from Wynnstay's cash reserves with the balance
being drawn from existing borrowing facilities.

The Acquisition is expected to complete at the end of May2025.

Commenting on the transaction, Chris Betts, Managing Director of Wynnstay
said:

"These well-let light industrial properties are highly accessible and
positioned to benefit from the strong local economy of Cambridge and the
impetus it provides for future growth in the region and will broaden the
geographic spread of Wynnstay's portfolio".

For further information please contact:

Wynnstay Properties Plc

Philip Collins, Chairman

Chris Betts, Managing Director

07469 042389

 

Zeus (Nominated Adviser and Broker):

Mike Coe, Darshan Patel and Oscar Stack

0203 829 5000

 

For more information on Wynnstay, visit www.wynnstayproperties.co.uk
(http://www.wynnstayproperties.co.uk/)

 

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