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23 May 2018 14:00
BISICHI MINING - £5.6M Joint Venture Retail AcquisitionBISICHI MINING - £5.6M Joint Venture Retail Acquisition
PR Newswire
London, May 23
FOR IMMEDIATE RELEASE
23 May 2018
BISICHI MINING PLC:
£5.6M JOINT VENTURE RETAIL ACQUISITION
Bisichi Mining PLC (“Bisichi”) today announces it has formed a joint venture that has exchanged contracts to acquire the freehold of five shops in West Ealing, London.
Bisichi Mining Plc and London & Associated Properties PLC, a 41.52% shareholder of Bisichi, will each own 45% of the joint venture, with the remaining 10% owned by Metroprop Real Estate Ltd.
The shops produce a current rent of c£140,000 per annum and have planning consent for 20 flats at first and second floor. Four flats have already been built and are currently vacant.
The total consideration paid by the joint venture for the shops, before transaction and development costs, will be £5.6 million of cash. Bisichi’s share of the consideration will be funded out of existing cash resources.
Andrew Heller, Bisichi’s Managing Director, commented: “This is an exciting opportunity to acquire a substantial block of shops in a rapidly improving part of West London. The portfolio is a five-minute walk from West Ealing Crossrail station and we expect values there to continue to rise over the medium term. I look forward to updating shareholders as the development progresses”.
Ends.
Contact:
Andrew Heller, Managing Director, Bisichi. Tel: 020 7415 5030
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