27th Feb 2015 09:48
LONDON (Alliance News) - Market Tech Holdings PLC on Friday said it has struck a deal to buy two further properties in Camden in north London, has acquired the entire freehold on the Camden Lock Market, and has secured a new GBP125 million acquisition facility.
The company, which manages the Camden Market properties, said it has acquired the Interchange Building on Oval Road and the Camden Wharf property on Jamestown Road.
It will pay GBP49 million for the Interchange Building, with that deal also including the acquisition of the entire freehold of the Camden Lock Market. The purchase price reflects a net initial yield of around 4.5%.
The Camden Wharf acquisition will cost it around GBP50 million, reflecting a net initial yield of around 4%.
In addition, Market Tech has entered into an agreement with majority shareholder Citiwax Investments Ltd for an unsecured GBP125 million loan to finance its acquisition plans. Citiwax holds a stake of 86% in the company, according to Morningstar.
"These are highly strategic property acquisitions that extend the footprint of our Camden Market estate and propel our vision to significantly enhance Camden's built environment to create a world class living, working, retail and leisure destination under a single unified ownership," said Chief Executive Officer Charles Butler.
Shares in Market Tech were trading up 2.1% Friday at 239.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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