9th Aug 2019 11:41
(Alliance News) - Circle Property PLC said Friday it has acquired Concorde Park, an office park in Maidenhead, Berkshire, for GBP14.6 million, at a net initial yield of 4.0%.
The 71,500 square feet park is 37% let to three tenants at a combined rental income of GBP627,372 per annum, with a vacant area of 45,328 square feet, of which 21,346 square feet is either under offer or in negotiation.
Circle Property, which mainly invests in office assets, funded the acquisition mainly from a GBP12.8 million drawdown from its recent agreed GBP100 million bank facility with Royal Bank of Scotland and HSBC.
"We are pleased to have completed this acquisition of Concorde Park for a consideration of GBP14.6 million. We believe we can add significant value to the property using our expertise in active asset management to drive rents," said Chief Executive John Arnold.
Shares in Circle Property were untraded on Friday, last quoted at 188.00 pence in London.
Related Shares:
CRC.L