Last checked at 28 Dec 2023 07:00
One Heritage Group plc (OHG) One Heritage Group plc: Churchgate update and refinance of Oscar House 28-Dec-2023 / 07:00 GMT/BST 28 December 2023 ONE HERITAGE GROUP PLC (the “Company”) Churchgate update and refinance of Oscar House
One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is providing an update on the disposal of Churchgate, Leicester and the refinance of Oscar House, Manchester.
In November 2023, the Group announced that it had exchanged contracts for a sale of land at Churchgate, Leicester. However, following a Rights of Light claim against the development, the contract for sale has been rescinded pending resolution of the matter. The Group will update on progress in this regard in due course.
The Group has successfully refinanced Oscar House, Manchester, repaying the previous debt of £2.7m. An agreement has been entered into with a new lender on similar financial terms and a period of 18 months, to provide adequate funding until all 19 remaining units are legally completed and handed over to purchasers. The new arrangement allows the Company, as required, to let the unsold units and it is estimated that this would generate maximum rental receipts of £300,000 per annum.
Jason Upton, Chief Executive Officer, commented: “We are pleased to have agreed a financing arrangement on Oscar House which will enable us to also generate rental income if appropriate. It has been a milestone FY23 for the Group as we delivered our first wave of practical completions. We look forward to continuing delivery of our strategy in FY24 and to updating on progress.”
Contacts
One Heritage Group plc Jason Upton Chief Executive Officer Email: jason.upton@one-heritage.com
Anthony Unsworth Chief Financial Officer Email: anthony.unsworth@one-heritage.com
Hybridan LLP (Financial Adviser and Broker) Claire Louise Noyce Email: claire.noyce@hybridan.com Tel: +44 (0)203 764 2341
Yellow Jersey PR (Financial PR) Charles Goodwin/Annabelle Wills/Bessie Elliot Email: oneheritage@yellowjerseypr.com Tel: +44 (0)203 004 9512
About One Heritage Group One Heritage Group PLC is a property development and management company. It focuses on the residential sector primarily in the North of England, seeking out value and maximising opportunities for investors. In 2020 One Heritage Group PLC became one of the first publicly listed residential developers with a focus on co-living. The Company is listed on the Standard List of the Main Market of the London Stock Exchange, trading under the ticker OHG. For further information, please visit the Company’s website at https://www.oneheritageplc.com/. Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | GB00BLF79495 |
| Category Code: | UPD |
| TIDM: | OHG |
| LEI Code: | 2138008zzucce4uzhy23 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 294188 |
| EQS News ID: | 1804511 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.