Harworth Group PLC - Rotherham, South Yorkshire-based land and property regeneration - Acquires off-market Saturn Park in Knowsley, Merseyside for GBP26 million plus acquisition costs. Deal is in line with company's strategy to grow its mostly industrial investment portfolio. Acquisition reflects net initial yield of around 7.7% and a reversionary yield of approximately 9.0%. Deal will be funded using "existing financial resources".
"Harworth will use its significant asset management experience to drive further value at Saturn, including refurbishment works and enhanced marketing of the remaining vacant office space and land, whilst also exploring the potential for further development on the 4.25 acres of currently vacant land on the site," company says.
Current stock price: 104.50 pence
Year-to-date change: down 26%
By Anna Farley; annafarley@alliancenews.com
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Harworth Gp (HWG)