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LONDON (Alliance News) - Property regeneration company Harworth Group PLC on Wednesday said it has acquired the Sinfin Lane Industrial Park in Derby for GBP7.0 million.
The park contains 471,508 square feet of industrial space with open storage and development land and with a historical consent in place to use some of the land for residential development. It is adjacent to the Rolls-Royce Holding PLC headquarters.
The purchase price reflects a net initial yield of 9.0%.
"This well-located investment continues the process of improving the recurring income base of our business and will create a highly-liquid, income-producing asset with a number of active asset management opportunities," Owen Michaelson, Harworth's chief executive said.
Harworth shares were flat at 12.25 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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