LONDON (Alliance News) - Highcroft Investments PLC Wednesday said its subsidiary Rodenhurst Estates Ltd has sold a freehold office building in Bristol for GBP2.3 million.
The real estate investment trust said the property was sold to National Deposit Friendly Society Ltd for 51.3% in excess of its December 2013 valuation of GBP1.5 million.
The company said the contract is expected to be completed in one week and the property had been let to Royal Sun Alliance until the end of 2013 and since then to two of the three former subtenants of RSA, with the majority of income due to expire in May.
The listed building, which provides approximately 14,624 square foot of offices on ground to fourth floors together with 12 car parking spaces in the basement, was sold for a figure of GBP155 per square foot.
The company said it plans to use proceeds from the deal to continue its strategy of identifying and investing in properties in the attractive market that sits between private investors and larger corporate property investors.
Highcroft Investments shares were down 1.8% to 786 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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