Acquisition

30 Oct 2007 07:01

Safeland PLC30 October 2007 Safeland Property Unit Trust/Flexspace Acquisition of managed workspace portfolio for £6.575m Safeland Active Management Ltd, today announces that Flexspace/Safeland PropertyUnit Trust, the Jersey based unit trust of which it is UK property manager, hasrecently exchanged contracts to acquire a large multi let industrial estate nearLiverpool for a total consideration of £6.575m. The property, Capital Trading Park, Kirkby Bank Rd, Knowsley, Liverpool, waspurchased from George Moss & Sons Ltd and consists of a total of 164,700 sq ftof workshops and light industrial units. The property is currently divided into 39 separate units ranging from 1,625 sqft to 24,350 sq ft with a net rent of c. £525,000 per annum. Seven units arecurrently vacant giving a current occupancy rate of 62%. Larry Lipman, Managing Director of Safeland, said: "The property is well located with easy access to the M6 and has surplus landsurrounding the property with potential to reconfigure or extend the site. Itis our strategy to introduce our flexible leasing style and we feel this longleasehold investment offers great potential for long term rental growth." Safeland Active Management will run the property as flexible managed workspaceunits under their "Flexspace" brand. This acquisition brings the total squarefootage now under Flexspace management to over 730,000 sq ft in 9 separatelocations nationwide. More information on all of the Flexspace is available at www.flexspace.co.uk King Sturge acted for Safeland and will be retained as a letting agent, whilstGeorge Moss & Sons Ltd were represented by Cushman and Wakefield. For further information please contact: Safeland plc Parkgreen Communications LtdLarry Lipman, Managing Director Paul McManusTel: 020 8815 1600 Tel: 020 7479 7933 Mob: 07980 541 893www.safeland.co.uk paul.mcmanus@parkgreenmedia.com Notes: Safeland Active Management Ltd is a fully owned subsidiary of Safeland Group plcand is UK property manager to the Safeland Property Unit Trust. Safeland Active Management Ltd, trades as Flexspace, and invests in managedworkspace units, as opposed to serviced office space, which are made up ofworkshop and light industrial units. This information is provided by RNS The company news service from the London Stock Exchange