8th Jul 2014 10:30
LONDON (Alliance News) - Highcroft Investments PLC Tuesday said its subsidiary Rodenhurst Estates Ltd has agreed to sell its property in Beckenham for GBP1 million, up 25% from its December 2013 valuation of GBP800,000.
The property consists of a commercial building on two floors comprising approximately 5,913 square feet let in its entirety to Superdrug Stores PLC at a current rent of GBP72,000 a year for a term expiring in June 2018.
Highcroft said it will use the process to continue its strategy of identifying and investing in properties in the "attractive market" that sits between private investors and larger corporate property investors.
"The sale of Beckenham is part of our strategy to sell our smaller investments and to reinvest the proceeds in properties with a larger lot size," Chief Executive Simon Gill said in a statement.
Highcroft Investments shares were quoted down 1.8% at 786.00 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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