TAX.L Regulatory News (TAX)

22 Jan 2008 07:00

Eco City Vehicles PLC22 January 2008 Eco City Vehicles plc ("the Company" or "ECV") Acquisition of property lease Eco City Vehicles plc is pleased to announce that the Company has today signedan agreement to acquire a long term property lease for a distribution centre inthe West Midlands, in line with the Management's stated ambition of expandinginto other major UK cities. The Company has acquired the premises on a 125 year lease for £2.15million,following a valuation by third party surveyors and valuers Bache Treharne. Thelease will be wholly funded by a commercial mortgage. ECV intends to use theproperty to roll out their business model of distributing low emission vehiclesfrom the site. The Company is in negotiations to sublet a substantial portion ofthe site and the market will be notified of further developments in due course. For further information please contact: Rob Smith +44 (20) 7377 2182 Finance Director, Eco City Vehicles plc Chris Ward / David Poutney +44 (20) 7260 1000 Numis Securities Ltd This information is provided by RNS The company news service from the London Stock Exchange