23rd Sep 2019 18:21
(Alliance News) - Wynnstay Properties PLC on Monday said it has exchanged contracts to acquire an industrial property in Aylesford, Kent for GBP1.8 million.
The property, currently owned by Threadneedle UK Proprty Authorised Investment Fund, will join Wynnstay's existing 18-unit industrial estate holding.
The unit's current tenant is Loomis UK Ltd and the current lease runs out on December 24, 2023.
Wynnstay said the passing rent is GBP76,000 per year but the property has an outstanding upward only rent review effective from December 25, 2018.
The acquisition, which including other costs like stamp duty will total GBP2.0 million, will be funded from the company's existing resources.
Chair Phillip Collins: "We have been interested for some time in acquiring this property adjacent to our excellent investment at Quarry Wood Industrial Estate. As with our acquisition of last year in Petersfield, it makes good commercial sense to acquire adjoining assets where we have an existing significant and well-established presence and can see continuing growth and/or development opportunities."
Shares in Wynnstay closed 0.4% higher at 281.00 pence each in London on Monday.
By Eric Cunha; [email protected]
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