Conygar Inv Regulatory News (CIC)

20 Jul 2005 07:15

Conygar Investment Company PLC(The)20 July 2005 20 JULY 2005 THE CONYGAR INVESTMENT COMPANY PLC ("CONYGAR") CONYGAR JOINT VENTURE ANNOUNCES SALE OF ITS SHEFFIELD PORTFOLIO The Board of Conygar is pleased to announce that its 50:50 joint venture, CMSheffield Limited, has exchanged contracts for the sale of its Sheffieldportfolio to Clerical Medical Managed Funds for £17.7 million. The portfoliowhich consists of six office and warehouse buildings together with a terrace ofnine multi-let units is being sold on a net initial yield of 6.4 per cent. The transaction will complete within 20 working days. Additional considerationin respect of two of these properties may be receivable subject to achievingcertain rent review targets. The price represents a profit over cost to Conygarof £0.7 million. The CM Sheffield Limited joint venture will continue to seek actively furtherinvestment opportunities. Robert Ware, Executive Chairman of Conygar, commented: "This represents an excellent price for the portfolio and a significant returnfor our shareholders in a short space of time. The joint venture has a pipelineof other opportunities and we look forward to working with our partner in thefuture." For further information please contact: The Conygar Investment Company PLC Robert Ware - 020 7725 0360 Steven Vaughan - 020 7725 0360 The directors of Conygar accept responsibility for the information contained inthis announcement. To the best of the knowledge and belief of the directors ofConygar (who have taken all reasonable care to ensure that such is the case) theinformation contained in this announcement is in accordance with the facts anddoes not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange