5th Apr 2016 07:43
LONDON (Alliance News) - Real estate investor McKay Securities PLC on Tuesday said it has sold properties in Bicester and Hook, England for GBP11.7 million.
McKay has sold the McKay Trading Estate in Bicester for GBP7.9 million. The property, which comprises seven individually-let warehouse units, generates GBP220,000 in rent per year. McKay didn't provide the name of the buyer.
Bartley House in Hook has been sold for GBP3.8 million to Stonegate Homes. The site is a 21,700 square foot, two-storey office building. The first floor is currently vacant and the ground floor is let at GBP170,000 per year.
The blended net initial yield on the disposals was 3.3%, McKay said.
McKay will recycle the proceeds into investments in its remaining portfolio and on future acquisitions.
McKay shares were flat at 240.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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