10th Jun 2016 14:56
LONDON (Alliance News) - Specialist Investment Properties PLC on Friday said its subsidiary Secta Properties Ltd has purchased a property in Birmingham for GBP424,500.
The property is to be leased to children's home operator Meadows Care Ltd on a 25-year inflation-linked full repair and insuring lease, Specialist Investment Properties said in a statement, and will be managed by Meadows Care under the agreement. Completion is due to occur on July 8, the company added.
Specialist Investment Properties said GBP424,500 was paid for the acquisition, with the company funding GBP158,500 and the remainder coming from funds drawn down under its loan facility agreement with Heritage Square Ltd.
The property was purchased from a private individual, Deborah Blackburn.
Shares in Specialist Investment Properties were untraded Friday, having last traded at 16.50 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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