Property Completion

11 Jan 2007 07:00

Safeland PLC11 January 2007 Safeland plc First Fund Acquisitions Safeland plc ("Safeland") announces that further to the announcement on 8January Safeland Active Management ('the Fund'), the Jersey unit trust of whichit is UK property manager, has completed the acquisition of three properties inthe Home Counties and North of England for a total consideration of £11.5m. Theacquisitions are funded by £4.1m cash from existing resources with the remainderthrough debt finance with Barclays Capital. The three properties comprise of c150,000 sq ft of office suites and lightindustrial workspace and are located at Elstree Way, Borehamwood; NewtonAycliffe Industrial Estate, Newton Aycliffe; and West Chirton North IndustrialEstate, near Newcastle. The three properties currently produce a gross income of c. £910,000 per annumwhilst core occupancy currently stands at c75%. Safeland Active Management will run the properties as flexible managed workspaceunits under their new "Flexspace" brand. 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