16th Oct 2024 21:30
Panther Securities PLC - Hertfordshire, England-based property investor - Sells its freehold interest in Westgate House, Peterborough, for GBP4.0 million. Will receive GBP3.0 million cash upon completion, with the remaining GBP1.0 million to be deferred but also secured with a second charge on the property. The first GBP500,000 of deferred consideration is to be paid after nine months and the final GBP500,000 after 18 months from completion.
The purchase price represents an increase of GBP1.4 million on the current book value for the property of GBP2.6 million, which was last independently revalued in July 2023. Expects to use funds for future property investment which has yet to be identified.
Current stock price: 322.80 pence, closed up 2.5% in London on Wednesday
12-month change: up 9.4%
By Jeremy Cutler, Alliance News reporter
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