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19 Sep 2008 17:00
CLOSE HIGH INCOME PROPERTIES PLC - DISPOSAL
The Board of Close High Income Properties plc ('the Company') is pleased to announce the completion of the sale of 7 industrial properties within the Ordinary Share property portfolio for a total cash consideration of £17.25 million, as per the announcement dated 22 August 2008.
In addition, contracts were exchanged on 8 September 2008 for the sale of the property known as Preston Technology Park to HX Bugatti Property Investment Limited for the cash consideration of £4.1 million. The property was valued at 30 June 2008 at £4.66 million and its disposal will result in a shortfall of £0.6 million against this valuation after costs of sale. It is expected that completion will take place on 25 September 2008.
The proceeds from these sales will be used partly to reduce the Company's outstanding debt as well as for general working capital purposes.
For further information please contact:
Peter Roscrow
Close Investments Limited
Tel: 020 7426 4174
Fax: 020 7426 4040
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