16th Apr 2015 08:47
LONDON (Alliance News) - Real estate investor McKay Securities PLC Thursday said it has completed the sale of two properties for a total of GBP3.7 million.
McKay has sold the Waterman's Court freehold office property in Staines-Upon-Thames to an unnamed private property company. The property has been sold with vacant possession for GBP2 million, the company said.
It has also sold the Access House property in Newbury for GBP1.7 million but did not provide any details on the buyer. The sale price for the vacant office property is 26% ahead of its valuation.
The proceeds from the sales will be recycled and invested into funding future growth opportunities.
"These are both properties below our preferred lot size, where recent initiatives have helped secure the value realised by disposal. The proceeds will be recycled and reinvested into larger portfolio opportunities where we can see encouraging potential for growth, including our programme of current and pipeline development projects," said McKay Managing Director Simon Perkins.
Shares in McKay were untraded Thursday, having last traded at 248.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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