Last checked at 26 Apr 2023 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this information is considered to be in the public domain.
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")
Acquisition
26 April 2023
Wynnstay is pleased to announce that it has exchanged contracts for the acquisition from Citiclient (CCF) Nominees Limited and Citiclient (CCF) Nominees No 2 Limited, acting on behalf of The Charities Property Fund, of Riverdale Industrial Estate, Vale Road, Tonbridge, Kent TN9 1SS ("the Property") for a cash consideration of £2.35 million.
The Property is freehold and comprises five industrial units arranged as two terraces with a central service yard. The estate is fully let to four tenants with a range of lease expiry dates. The current passing rent totals £140,350 per annum and is subject to three outstanding upward only rent reviews effective from 29 September 2022 and a pending lease expiry on 30 November 2023. The net initial yield is 5.6 per cent., which it is anticipated should rise to around 6.9 per cent. following a successful conclusion of the outstanding rent reviews and lease negotiations.
The total acquisition cost of approximately £2.5 million, which includes stamp duty and other acquisition costs, is being funded entirely from the Company's existing cash resources. The acquisition in expected to be completed approximately two weeks after exchange of contracts.
Commenting on the transaction Philip Collins, Chairman of Wynnstay, said:
"The acquisition of this well-let estate is a good strategic fit with Wynnstay's existing portfolio in the South-east, including our Quarry Wood Industrial Estate at Aylesford."
For further information please contact:
Wynnstay Properties Plc:
Paul Williams, Managing Director
020 7554 8766
W H Ireland (Nominated Adviser and Broker):
Hugh Morgan, Chris Hardie and Sarah Mather
020 7220 1666
LEI number: 2138006MASI24JYW5076
For more information visit: www.wynnstayproperties.co.uk