2 Oct 2018 12:00
2 October 2018
Circle Property Plc
("Circle" or the "Company")
Successful lease regear
Circle Property Plc, the specialist regional UK office investment, development and management company, announces that it has successfully concluded a lease renegotiation with a major tenant at the Company's biggest asset, Kents Hill Business Park in Milton Keynes.
The tenant has agreed to the removal of two break clauses at year 15 and 20 in its lease, which has 23 years remaining before expiry.
John Arnold, CEO of Circle Property Plc, commented: "By successfully renegotiating this lease we have significantly enhanced the certainty of long-term income, which is now RPI linked and so creates an institutional quality asset. This is a major endorsement for the asset and further validates our active asset management approach. We anticipate this will be positive to NAV."
ENDS
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
Circle Property Plc | +44 (0)20 7930 8503 |
John Arnold, CEO Edward Olins, COO | |
Smith & Williamson | +44 (0) 20 7131 4000 |
Azhic Basirov Katy Birkin
Radnor Capital Joshua Cryer Iain Daly
|
+44 (0) 20 3897 1830 |
FTI Consulting | +44 (0)20 3727 1000 |
Giles Barrie Richard Sunderland Eve Kirmatzis |