Acquisition of Properties

21 May 2007 07:00

Safeland PLC21 May 2007 Safeland Property Unit Trust/Flexspace Acquisition of managed workspace portfolio for £6.35m Safeland Active Management Ltd trading as Flexspace announces that the SafelandProperty Unit Trust, the Jersey based unit trust of which it is UK propertymanager, has recently completed the acquisition of a portfolio of managedworkspace properties in Swindon and Slough for a total consideration of £6.35m. The acquisition is funded by £2.4m cash from existing resources with theremainder through debt finance with Barclays Capital. The properties were purchased from Great Western Enterprise (Holdings) Ltd andconsist of a total of 98,000 sq ft of managed workspace and light industrialunits split across six buildings in Swindon and one building in Slough. Part ofthe purchase included 15 new workshop units, which have just recently beenconstructed at the Pembroke Centre, Cheney Manor Industrial Estate in Swindon,and are now available to let in the next few weeks on flexible short termlicence agreements. The properties are currently divided into 348 separate units and produce a grossincome of c. £1.5m per annum from a current occupancy of 75%. Safeland Active Management will take over the business, including theoperational staff, and will run the property as flexible managed workspace unitsunder their new "Flexspace" brand. This acquisition brings the total squarefootage now under Flexspace management to over 350,000 sq ft with more on theway. More information on Flexspace is available at www.flexspace.co.uk Paul Adams Flaherty acted for Safeland, whilst Great Western Enterprise managedthe sale of the business themselves. 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 This information is provided by RNS The company news service from the London Stock Exchange