25th Feb 2014 10:08
LONDON (Alliance News) - McKay Securities PLC Tuesday said it has let the whole of the recently refurbished Pegasus Two building at Pegasus Place in Crawley, with the rental it gets from the building adding to the money it raised in a recent placing to help it fund growth in its property portfolio.
The real estate investment trust, which specialises in offices and industrial buildings in London and the South East, has let the Crawley building to The BuyCo Ltd. It will pay GBP21.50 a square foot, although it got a letting incentive equivalent to 24 months.
The Buy Co is a joint venture between wholesaler Palmer & Harvey and retailer Costcutter Supermarkets Group. The Crawley office will be its headquarters.
McKay recently raised GBP86.7 million in a share placing.
"The additional financial resources will allow the group to benefit from the positive trends in the South East and London real estate markets. This includes accelerating the delivery of returns from the Group's current and near-term portfolio projects and funding future acquisitions," it said in a statement.
McKay Securities shares were up 1% at 208.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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