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18 Nov 2009 07:00
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18Β NovemberΒ 2009
The Conygar Investment Company PLC
Acquisition ofΒ PropertiesΒ for Β£44.6Β million
The directors of The Conygar Investment Company PLC ("Conygar") are pleased to announce thatΒ ConygarΒ has exchanged contracts to acquireΒ sevenΒ freehold and long leaseholdΒ buildings for a total cash consideration (including costs) of Β£44.6Β million.
TheΒ portfolio consists of:
Brennan House, FarnboroughΒ AerospaceΒ Centre, Hampshire
AkerΒ VillageΒ (three units), Kirkhill, Aberdeen
Cambridge Road, WhetstoneΒ Business Park, Leicester
Kelvin II,Β Kelvin Close, Birchwood Park, Warrington
Crystal Drive, Sandwell Business Park, Oldbury, West Midlands
The annual rent roll is approximately Β£4.41 million representing a net initial yield of 9.9%Β andΒ the buildingsΒ comprise 562,000 square feet of lettable space. AllΒ buildingsΒ are fully let andΒ key tenants include Hewlett Packard Limited, Johnson Controls Limited, Cadbury UK Limited and Aker Solution ASA.
The properties offer significant active managementΒ and developmentΒ potential,Β which Conygar intends to exploit and realiseΒ in due course.
Completion is expected to occur within five working days. The consideration will be satisfied out ofΒ Conygar'sΒ existing cash resources using part of the funds raised in SeptemberΒ 2009Β in accordance with our stated strategy.Β The directors expect that the portfolio will be refinanced in due course in order to releaseΒ additionalΒ funds for further business opportunities.Β
Robert Ware, Chief Executive of Conygar, commented:Β "This is an excellent opportunity for Conygar to add and realise significant value using our property management skills to restructure the portfolio.Β Negotiations includedΒ the vendor's bank and weΒ were able toΒ exchange within 10 working days. With this track record, we hope to do more similar deals."
ForΒ furtherΒ information pleaseΒ contact:
The Conygar Investment Company PLC
Robert Ware: 020 7408 2322
Peter Batchelor: 020 7408 2322
Oriel Securities Limited
Michael Shaw: 020 7710 7600
Gareth Price: 020 7710 7600
Temple Bar Advisory Limited (Public Relations)
Alex Child-Villiers: 07795 425 580
Conygar was advised on this transaction by Oriel Securities Limited.
The directors of Conygar accept responsibility for the information contained in this announcement. The best of the knowledge and belief of the directors of Conygar (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
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