Further property completion

22 Jan 2007 07:01

Safeland PLC22 January 2007 Safeland plc Further Fund Acquisition Safeland plc ("Safeland") announces that further to the announcements on 8 and11 January Safeland Active Management Unit Trust ('the Fund'), the Jersey unittrust of which it is UK property manager, has completed the acquisition of TheWatford Business Centre, Greenhill Crescent, Watford for a total considerationof £15.7m. The acquisition is funded by £5.75m cash from existing resources withthe remainder through debt finance with Barclays Capital. The property consists of a 115,000 sq ft business centre complex, comprising anumber of smaller office suites and light industrial or workspace units. The property currently produces a gross income of c£1.8m per annum with acurrent occupancy of 86%. Safeland Active Management will revitalise and improve the existing centre andrun the property as flexible managed workspace units under their new "Flexspace"brand, and this acquisition brings the total of properties under management tofour. For further information please contact: Safeland plc Parkgreen Communications LtdLarry Lipman, Managing Director Paul McManusTel: 020 8815 1600 Tel: 020 7851 7480 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