LONDON (Alliance News) - Specialist Investment Properties PLC on Friday said its subsidiary Secta Properties Ltd has purchased a property in Birmingham for GBP570,000.
The property is to be leased to children's home operator Meadows Care Ltd on a 25-year inflation-linked full repair and insuring lease, Specialist Investment Properties said in a statement, and will be managed by Meadows Care under the agreement. Completion is due to occur on June 23.
Specialist Investment Properties said GBP570,500 was paid for the acquisition, with the company funding GBP216,000 and the remainder coming from funds drawn down under its loan facility agreement with Heritage Square Ltd.
The property was purchased from a private individuals, Darren Mann and Elizabeth Mann, and is the sixth in a line of acquisitions since Specialist Investment Property's investment policy was implemented in March.
This comes less than a week after Specialist Investment Properties said it was purchasing a separate property in Birmingham, for GBP424,000, which will also be leased to Meadows Care.
Shares in Specialist Investment Properties were untraded on Wednesday, having last traded at 16.50 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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