28th Sep 2007 07:03
Wichford plc28 September 2007 Embargoed until 7.00 a.m. on 28 September Wichford PLC ("Wichford" or the "Company") Wichford acquires properties in France and The Netherlands for €42m Company continues to deliver on its European Strategy Wichford PLC (AIM: WICH), the property investment company, has completed on aproperty in France for €8,450m and forward committed to acquire a property inHolland for €33,674,000. The buildings are located in St Cloud, just outside ofParis and in The Hague in The Netherlands. This transaction follows Wichford's purchase of the Justice Centre in Halle,Germany (announced 15 May 2007), the VBG portfolio in Germany (announced in July2007) and increases the Company's investment in European assets to some 24% ofits total portfolio. St Cloud This office is situated in St Cloud on the outskirts of Paris. The building islet to the Association for the Creation of Enterprise, guaranteed by threeadjoining local authorities including the town of St Cloud, for 12 years fromMay 2007 expiring 2019. The rental income is €527,000 per annum representing€229.43 per sq m. The property comprises an internal area of 2,297 sq m. Thegross initial yield is 6.24% The Hague This office is situated in The Hague in The Netherlands. The building will belet at practicable completion to the Minister for Housing and RegionalDevelopment for 6 years from July 2008 expiring in 2014. The rental income is€2,003,600 per annum representing €162.22 per sq m. The property comprises a netinternal area of 12,351 sq m. The gross initial yield is 6%. Michael Sheehan, Chairman of Wichford, commented today: "These acquisitions represent yet more blue-chip investments in Europe. Havingcompleted a placing in February to enable us to take advantage of investmentopportunities in Continental Europe, we have now purchased seven excellentbuildings in France, Germany and The Netherlands. These purchases demonstrate that despite the market conditions we are still ableto identify high-quality investment opportunities which will provide consistentand steady returns to shareholders." Enquiries: Wichford PLC Richard Britten-Long Tel: 020 7016 6150Philip Cooper Tel: 020 7495 7111 Citigate Dewe Rogerson Tel: 020 7638 9571Freida MooreHannah Seward Evolution Securities Limited Tel: 020 7071 4300Tim WorlledgeJeremy Ellis Notes to Editors Wichford PLC (AIM:WICH) is a property investment company, with a portfoliomostly focused on UK investment property outside Central London occupiedexclusively by UK Central Government bodies. Following the purchase of a JusticeCentre in Halle, Germany (announced 15 May 2007) and today's acquisitions, theCompany now also has similar assets in Continental Europe. Including today's purchases, the Company currently owns 79 properties with agross asset value of circa £690m generating a rental income of circa £40m perannum. The Company's portfolio of properties has unit values usually between £2mand £30m. The Company's current core portfolio has a weighted average unexpiredlease term of circa 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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