Acquisitions

28 Feb 2012 16:40

29 February 2012 Panther Securities PLC ("Panther" or the "Company") Acquisitions

Panther is pleased to announce that on 24 February 2012 it completed the purchase of three Beales department stores (formerly Westgate Department Stores) from Anglia Regional Co-operative Society Limited and a further property situated in Huntingdon.

Lowestoft, Suffolk

The freehold property now known as Beales department store, London Road North, Lowestoft, is a modern store with 21,000 square feet of selling space on two floors, situated on the town's main pedestrianized shopping street close to Tesco Metro supermarket, Sports Direct, BHS department store and Peacocks (R.I.P.).

Wisbech, Cambridgeshire

This property, now known as Beales department store on Little Church Street, just off The Market Place, is a modern, two storey department store containing 26,000 square feet of selling space, being situated in the centre of town.

Beccles, Suffolk

This department store is an older store in two separate sections adjoining but separated by a small vehicular service road and contains approximately 17,000 square feet on mainly ground but also first floor. The property fronts through from Smallgate to The Walk which is close to the centre of this market town and to a Tesco superstore.

All three properties are let on similar tenant favourable leases to Beale PLC whereby rent is a share of profits until May 2014, thereafter to market rent subject to negotiations.

In their announcement made in April 2011, the estimated turnover for these stores to the Beale Group was approximately £6 million (excluding VAT).

The price paid for the freehold properties was £2,250,000, of which £300,000 is deferred, payable in three years' time.

Huntingdon

The property comprises 96,000 square feet (90,000 feet ground floor) of modern factory premises on 5.5 acres on the Stukeley Meadows Industrial Estate, 1 mile north of Huntingdon town centre.

The property is let on an FR&I lease for 15 years from February 2005 at £ 190,000 per annum exclusive with rent reviews in 2010 (still outstanding) and 2015 to 65% of open market rental.

The property is held on a long lease for a term of 999 years from February 2005 at a fixed rent of one peppercorn and the price paid was £1,200,000.

All the above purchases were funded with existing cash balances and the Group still has £15 million of its recently completed £75 million 5 year loan facility available for future investment.

For further information contact:

Panther Securities PLC 01707 667 300Andrew Perloff - Chairman Simon Peters - Finance Director City Profile 020 7448 3244Simon Courtenay

Sheena Khan