MCKS.L Regulatory News (MCKS)

4 Sep 2007 08:00

McKay Securities PLC04 September 2007 McKAY SECURITIES PLC PRESS RELEASE Acquisition of Lower Cherwell Street Industrial Estate, Banbury McKay Securities PLC has completed the acquisition of the Lower Cherwell StreetIndustrial Estate, Banbury from a private investor for £3.1 million in an offmarket transaction. The initial yield on the purchase is 6.5%, likely toincrease beyond 7% on settlement of renewals and reviews in 2008. The Estate consists of 19 units totalling 39,975 sq ft built in the 1970's withconsiderable main road frontage. It lies on the eastern side of the town closeto both the town centre and the main line railway station. It forms an integralpart of a larger area being promoted by Cherwell District Council forregeneration. Commenting on the purchase, Simon Perkins, Managing Director of McKay said "theinvestment will benefit from more intensive management. There is also thepotential to redevelop the site in the medium term for higher value uses, eitheron a stand alone basis or as part of a larger scheme that realises the fullpotential of neighbouring land that adjoins the canal". Savills represented the vendor. Background Information McKay Securities PLC is a Real Estate Investment Trust specialising in thedevelopment and refurbishment of quality commercial buildings within establishedand emerging growth areas of Central London and the South East of England.Completed projects are retained and managed for long term growth within theGroup's portfolio, valued in excess of £350m (at 31st March 2007). Contact McKay Securities PLC - 0118 950 2333Simon Perkins, Managing Director 4th September 2007 This information is provided by RNS The company news service from the London Stock Exchange