9th May 2016 06:36
LONDON (Alliance News) - K&C REIT PLC said Monday it has agreed to purchase property company The Osprey Management Co Ltd for GBP1.6 million, payable in cash and shares.
The AIM-listed buyer of residential property in Central London said under the agreement, which took place on Friday, it will purchase the entire share capital of Osprey Management from the company's Managing Director, Susan Hards.
K&C said the GBP1.6 million payment for the company will comprise of GBP1.3 million in cash and the issuance of 3.0 million K&C shares at 10.00 pence per share to Hards.
K&C last traded at 6.75p on Thursday.
Osprey Management owns a portfolio of freehold interests in retirement and residential properties in London and southern England, as well as providing property management services to occupants in its portfolio properties, K&C said.
The three core properties in Osprey Management's portfolio have been independently valued at GBP2.6 million, comprising of GBP1.5 million of freehold value and a further GBP1.1 million of leasehold value in the three apartments owned by Osprey and occupied by managers of these properties.
"We are particularly pleased that, in every way, the acquisition supports our investment strategy of seeking and acquiring high quality properties held in special purpose vehicles where the owners are seeking an exit," said K&C Managing Director Tim James.
By Hannah Boland; [email protected]; @Hannaheboland
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