(Alliance News) - Highcroft Investments PLC on Friday said that it has bought a freehold interest in a set of units in Suffolk via its property-owning subsidiary, Rodenhurst Estates Ltd.
The England and Wales-focused real estate investor acquired units one through seven on Bluestem Road in Ipswich, Suffolk, from Monte Blackburn Ltd for GBP5.5 million.
The property includes two semi-detached and one detached unit, totalling 49,196 square feet. The property is currently fully let to Branded Garden Products Ltd, a mail-order seed, plant and garden product retailer.
Chief Executive Paul Leaf-Wright was pleased to have made further steps in distributing net proceeds from its Llantrisant property sale in February, for which Highcroft received GBP7.8 million in net proceeds.
"This further adds to our existing strategy of generating sustainable long-term income for our shareholders. This now concludes the redeployment of the Llantrisant cash proceeds, and the focus will continue to be on ensuring the performance of the assets in the company," Leaf-Wright added.
Highcroft Investments shares were flat at 872.00 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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