18th Feb 2014 08:44
LONDON (Alliance News) - Development Securities PLC Tuesday said it has acquired a portfolio of five office properties in North London for GBP17.5 million from an unnamed firm, financed in part by a new three-year facility from Barclays PLC.
The properties are located in King's Cross, Camden and Highbury and Islington.
Comprising a total of 66,800 square foot of office accommodation, the combined income from the properties is GBP676,000 per year representing a 3.7% yield, with vacancy rates at 35%, said the firm.
The property developer said the buildings offer opportunities to improve income in the short-term whilst exploring options for redevelopment or refurbishment over the medium-term with several of the properties presenting strong options for mixed-use, residential-led development.
The stock was trading at 257.74 pence Tuesday morning, up 1.74 pence or 0.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
DSC.L