(Alliance News) - Ace Liberty & Stone PLC on Friday said it has bought a service station in Melton Mowbray in a deal worth GBP2.7 million.
The London-based property investment company said it has completed the acquisition of Egerton Park service station, Leicester Road, Melton Mowbray, following exchange on April 19. Ace Liberty paid GBP2.7 million for the property.
The property comprises a BP PLC branded forecourt with a Marks & Spencer Group PLC branded convenience store.
Ace Liberty noted that there is over ten years remaining on the lease, which expires in September 2033. The current annual rental income is GBP181,025 with a fixed increase to GBP204,814 in September.
This acquisition follows the previously announced purchase of Loders Service Station, The Grove, Dorchester, which completed on February 1.
Chief Executive Ismail Ghandour said: "The acquisition of Melton Mowbray and Dorchester further strengthens our portfolio and is consistent with our strategy of developing a diverse portfolio of assets with long-term secure income."
Shares in Ace Liberty were quoted at 57.50 pence each on AQSE in London on Friday morning, having last traded at 65.00p each on June 15.
By Sophie Rose, Alliance News reporter
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