Property Update

4 Apr 2006 16:19

Close High Income Properties PLC04 April 2006 Close High Income Properties Plc 4 April 2006 The Board of Close High Income Properties Plc, ("the Company") is pleased toannounce that contracts were exchanged on Friday 31 March for the sale of threelong leasehold properties at Rawcliffe Road, Goole, Tarran Way IndustrialEstate, Moreton and Sandycroft Industrial Estate, Deeside from the 'C' Shareproperty portfolio. An exchange of contracts has taken place with Belgrave (North West) Limited. Thethree properties are being sold for a combined price of £4,630,000 cash. Theproperties are all separately let producing a current income of £336,250 perannum. The properties were originally acquired as part of a larger portfolio by theCompany in July 2004 for an apportioned combined price of £4,230,000. Aftertaking into account all costs associated with both the original purchase andsale, the Company should earn a net profit of approximately £175,725 from thetransaction. It is intended that the net profits will be reinvested when other suitableproperties have been identified. The sale of the properties is due to complete on 2 May 2006. This information is provided by RNS The company news service from the London Stock Exchange