Acquisition

2 Jun 2008 09:45

Wynnstay Properties PLC, ("the 'Company")

Property Purchase

The Company is pleased to announce that contracts were exchanged on 30 May 2008 for the acquisition of Quarrywood Industrial Estate, Lake Road, Aylesford Kent. This freehold industrial/warehouse estate was built in the early 1980's and comprises 18 self-contained units of varying size, in three blocks totalling just over 50,430 sq.ft. The estate was acquired for £4,530,000, utilising the Company's existing banking facility. This property, which represents the largest single asset by value in the Company, is fully let to 15 tenants and currently produces an annual total rent of £367,204.

Philip Collins, the Company's Chairman, commented: "This acquisition fits very well with our property acquisition requirements in terms of type, location and size and will provide opportunities for active asset management which should be value enhancing in the medium to longer term."

Enquiries:

Wynnstay Properties plc

Paul Williams, Managing Director - 020 7745 7160

Nominated Adviser & Broker

Charles Stanley Securities

Rick Thompson / Carl Holmes - 020 7149 6000