LONDON (Alliance News) - Highcroft Investments PLC Friday said it is actively pursuing new acquisitions in line with its investment criteria after the selling two properties at the end of the last financial year and the Bristol property in April.
Highcroft said it has completed the sale of the multi-let office building in Bristol, where the income was due to expire in May 2014, for GBP2.3 million.
"[Currently] the availability of high quality assets let to good covenants in good locations in our target area is limited but our robust financial position and experience allow us to act quickly as and when we identify suitable assets," Highcroft said in a statement.
Highcroft said there are currently no voids in its portfolio. In the case of the only immediate lease expiry, Highcroft said it is in receipt of a good rental offer. Retail lease renewals in the period have been agreed at, or close to, pre-expiry rents, Highcroft said, with no significant debtors and and a "very good" rent collection timescale.
"Further rationalisation of the portfolio is being considered in line with our stated strategy of gradually changing its shape to enhance yields, improve the portfolio balance and increase the average lot size," Highcroft said.
"The equity markets have, in general, had a steady first quarter. Our portfolio has performed in line with the market and we have made two modest investments in the period totalling GBO50,000," Highcroft said.
Highcroft shares were Friday quoted at 804.00 pence, up 2.4%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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