Property completion

12 Jun 2007 07:01

Safeland PLC12 June 2007 Safeland Property Unit Trust/Flexspace Acquisition of managed workspace building for of £3.537m. 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 completed the acquisition of a managed workspaceproperty in Milton Keynes for a total consideration of £3.537m. The acquisition was funded by £1.3m cash from existing resources with theremainder through debt finance from Barclays Capital. The property located at 1-26 Cochran Close, Presley Way, Milton Keynes waspurchased freehold from COBA Asset Management. Cochran Court consists of hybrid office/studio/workshop units that offer hugeflexibility for the smaller business user. Set in a modern courtyard design withlarge loading and car parking areas, the property totals 37,500 sq ft. Theproperty is currently divided into 26 separate units and produces a net incomeof c. £279,000 per annum. Current occupancy stands at 91%. This acquisition brings the total square footage now under the Flexspace brandand management to over 400,000 sq ft with more on the way. More information on Flexspace is available at www.flexspace.co.uk Cushman and Wakefield introduced and acted for Safeland while Mason Phillipsacted for COBA. 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