LONDON (Alliance News) - Highcroft Investments PLC Friday said that it has agreed to purchase a commercial property in Cardiff from St Mary's Court Holdings Ltd, for GBP2.35 million.
The real estate investment trust said the property is for a consideration of GBP2.35 million net of costs, and has been funded using its own cash resources and some bank debt.
It said the property located in Penarth Road in Cardiff, is a 17,800 square foot modern office building with 13 car spaces. The company said the current rent on the property is GBP323,622 per annum, representing a net initial yield of 13.02 %.
Highcroft Investments shares were up 2.6% Friday afternoon, at 703.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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