Mayflower Acq. Regulatory News (MAY)

15 Mar 2006 09:33

Mapeley Limited15 March 2006 PRESS RELEASE15 March 2006 Mapeley Limited Acquisition of Leon House, Croydon Mapeley Limited, the property investment and outsourcing company, announces thepurchase of Leon House, Croydon from HSBC Specialist Investments UK ActiveProperty Fund for a cash consideration of £53.2m. Leon House is a 241,860 sq ft (22,469 sq m) multi-let building comprising anoffice tower on 2nd - 20th floors and a 2 storey podium with offices and retailspace providing an aggregate rent of £3.69m per annum. Tenants include the Secretary of State, the National Health Service, The LondonBorough of Croydon and AON. In excess of 80% of the income is derived fromGovernment or investment grade occupiers. The property is reversionary withoffice rentals ranging from £12.60 psf to more recent lettings at £17.50 psf. Jamie Hopkins, Chief Executive Officer of Mapeley, said: "This acquisition fits our direct property investment portfolio very well. LeonHouse offers plenty of opportunities for active, engaged management, providingflexible quality office accommodation in a location well suited to the demandsof occupiers decentralising from London." -end- For further information please contact:Tim McCall, MJ2 Business Communications, 020 7491 7776 This information is provided by RNS The company news service from the London Stock Exchange