18th Jun 2018 09:53
LONDON (Alliance News) - Property firm Conygar Investment Co PLC said Monday it forward sold a Welsh hotel to IM Properties PLC for GBP6.9 million.
Conygar exchanged contract for the sale of its 80-bedroom hotel at Park Cybi in Holyhead, Anglesey. The hotel is currently under construction and - once built - is subject to a 25-year lease with Premier Inn Hotels Ltd, part of FTSE 100-listed Whitbread PLC.
Construction is expected to complete in January 2019.
Conygar will receive GBP6.9 million in net proceeds, equivalent to a 4.7% net initial yield.
"We are pleased to have agreed the sale of this development project, which will complete in January 2019 at a very competitive price, reflecting the strong appetite we are seeing for properties benefitting from long-term income, let to high-quality occupiers", Conygar Chief Executive Officer Robert Ware said.
Shares in Conygar were untraded at 170.50 pence on Monday.
Related Shares:
Conygar Inv