9th Sep 2020 12:55
McKay Securities PLC - real estate investment trust focused on office, industrial and logistics markets in south east and London - Completes sale of long leasehold interest in 30 Lombard Street. The office building, located in the City of London, and has been sold to a German institutional fund at a headline sale price of GBP76.5 million. This reflects a 4.2% net initial yield on a topped-up basis and capital value of GBP1,308 per square foot., McKay says. The net sale proceeds of GBP68.5 million will be used to pay down debt before further investment in new acquisitions and opportunities. Sale reduces McKay's loan to value ratio to 29.6% from 37.6% on March 31. Undrawn facilities available for investment rises to GBP100.0 million following sale.
Current stock price: 194.50 pence
Year-to-date change: down 29%
By Anna Farley; [email protected]
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