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Warehouse Property Acquisition

26 May 2023 07:00

RNS Number : 7321A
Highcroft Investments PLC
26 May 2023
 

26 May 2023

Highcroft Investments PLC

Warehouse Property Acquisition

The Board is pleased to announce that Highcroft Investments PLC, via its property owning subsidiary Rodenhurst Estates Ltd, yesterday completed on the acquisition of the freehold interest of a property being units 1-7 Bluestem Road, Ipswich, Suffolk IP3 9UH.

The property, acquired from Monte Blackburn Limited, comprises 2 semi-detached and 1 detached unit totalling 49,196 sq ft. The units occupy a site of 2.19 acres. The property is fully let to Branded Garden Products Limited (t/a Thompson & Morgan), one of the UK's largest mail-order seed, plant and garden product retailers. The tenant took occupation of the building on a new 10-year lease from 31st May 2022 and expiring 30th May 2032. The lease is subject to a Tenant break option on 31st May 2027, offering a term certain of 4 yrs. The lease is fully repairing and insuring subject to a schedule of condition, and the current passing rent is £7.49 psf equating to £368,500 per annum.

The property has been acquired for £5,500,000, exclusive of costs, which represents a NIY of 6.3%. The acquisition will be funded by utilising the remaining cash from the sale of the Llantrisant asset on 8 February 2023 together with £2m of existing cash resources.

Commenting on the acquisition, chief executive Paul Leaf-Wright said "We are pleased to have redeployed the remaining part of the net proceeds of £7.76m received from the recent sale of our Llantrisant property, into a well-located logistics asset that offers particularly good prospects for capturing rental growth going forward. This further adds to our existing strategy of generating sustainable long-term income for our shareholders. This now concludes the redeployment of the Llantrisant cash proceeds, and the focus will continue to be on ensuring the performance of the assets in the Company."

For further information contact:

Highcroft Investments PLC:

Paul Leaf-Wright / Roberta Miles 01869 352766

 

Singer Capital Markets

Peter Steel / Alex Emslie - Investment Banking

+44 (0)20 7496 3000

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

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ACQPPURCAUPWGMA
Date   Source Headline
26th Jun 20185:43 pmRNSProperty Acquisition
31st May 20183:13 pmRNSRetail and residential property disposals
17th May 20181:29 pmRNSResult of AGM
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28th Jul 20177:00 amRNSHalf-year Report
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12th May 20171:27 pmRNSResult of AGM
21st Apr 20172:48 pmRNSDirector/PDMR Shareholding
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24th Mar 20177:00 amRNSPreliminary Results
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28th Jul 20167:00 amRNSHalf-year Report
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13th Jun 20168:00 amRNSTransfer of listing category
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14th Apr 20162:00 pmRNSNotice of AGM
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6th Aug 20157:00 amRNSChange of Adviser
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15th May 20157:30 amRNSTrading Statement
15th May 20157:00 amRNSAcquisition
17th Apr 20152:34 pmRNSDirectorate Change
26th Mar 20157:00 amRNSFinal Results
25th Mar 20152:50 pmRNSHolding(s) in Company
19th Jan 20151:24 pmRNSDirectorate Change

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