12 Feb 2010 09:26
12 February 2010
Development Securities PLC acquires retail and office property in Nottingham
Development Securities PLC, the leading property development and investment company, today announces it has acquired 1/9 Friar Lane and 6/12 Wheeler Gate, Nottingham, for £9.10 million reflecting an income yield of circa 9.5 per cent.
The property comprises a retail block of seven units and a nine storey office tower, let to a number of tenants including HMV and Costa Coffee. It offers good income stream potential.
The acquisition was funded out of existing cash resources and is the latest in a series of similar sized transactions that total circa £55 million to date since the Group raised fresh equity of £100 million in August last year. It is part of the Directors' continuing strategy to strengthen the Group's investment property portfolio in the current market, including some opportunities to acquire assets which may in the longer term represent modest redevelopment potential.
For further information, please contact:
Michael Marx/Matthew Weiner Development Securities PLC Tel: 020 7828 4777 Mallika Basu/Lucy Grimble The Communication Group plc Tel: 020 7630 1411