9th Dec 2016 09:19
LONDON (Alliance News) - Specialist Investment Properties PLC on Friday said completion of its recent acquisition in Cumbria will be delayed to the first quarter of 2017.
In September, Specialist Investment Properties agreed to buy 12 flats in Staffordshire for a total of GBP1.3 million and, in a separate deal, purchased a further 16 flats in Cumbria for GBP2.3 million. The flat provide supported living accommodation.
The company invests in residential properties for children and young people requiring extensive support from social services, and purpose-built homes for adults with learning difficulties requiring support from carers, for example adults with autism.
At the Cumbria project, a former hotel in Workington is being converted into the 16 flats, and the agreement was conditional on this construction work being completed.
This had been expected to complete by the end of 2016, but some delays in the refurbishment work for the site have been reported and completion will be pushed into 2017. Specialist Investment Properties expects the deal to be done by the end of the first quarter of 2017.
Shares in Specialist Investment Properties were untraded on Friday morning, having last traded at 20.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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