Acquisition of property

16 Jul 2007 07:00

Safeland PLC16 July 2007 Safeland Property Unit Trust/Flexspace Acquisition of managed workspace property for of £8.795m. Safeland Active Management Ltd, trading as Flexspace, announces that theSafeland Property Unit Trust, the Jersey based unit trust of which it is UKproperty manager, has recently exchanged contracts to acquire a managedworkspace property, The Coventry Enterprise Centre, Bilton Industrial Estate,Humber Avenue, Coventry, for a total consideration of £8.795m. Completion is setfor 26 July 2007. The acquisition is to be funded by £3.2m cash from existing resources with theremainder through debt finance from Barclays Capital. The property is freehold and totals 173,500 sq ft on a site of approx. 9 acres.The property is currently divided into 130 units, primarily industrial andworkshop units with some office suites. The gross income is in the region of£815,000 per annum and current occupancy stands at c. 90%. This acquisition brings the total square footage now under the Flexspace brandand management to approximately 575,000 sq ft. and with £47m invested to datethe current fund is now effectively fully invested. As stated previously CBRE have been instructed to raise further equity whichwill enable further purchases to be made. It is expected that the company willbe able to make an announcement as to the outcome of this shortly. The property was purchased from Industrial Property Investment Fund, part ofLegal & General. DTZ acted for Safeland while King Sturge acted for IndustrialProperty Investment Fund. More information on Flexspace is available at www.flexspace.co.uk 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