8th May 2007 14:13
McKay Securities PLC08 May 2007 McKAY SECURITIES PLC PRESS RELEASE Acquisition at Brooklands, with leaseback to Yamaha Motor (UK) Ltd McKay Securities PLC have acquired the freehold of a 60,000 sq ft (GIA) office /industrial unit on the Brooklands Industrial Estate, Weybridge from Yamaha Motor(UK) Ltd for a price in the region of £6.5 million. Yamaha have taken aleaseback of the office content of the building for a five year term, and haveguaranteed rent and outgoings in respect of the vacated 38,200 sq ft warehouseunit for at least nine months, providing an initial yield to McKay of 7.2%. The building was constructed for Yamaha in 1991 for head office, storage,distribution and training functions. Having decided to relocate theirdistribution to mainland Europe, the sale and leaseback of part has assistedYamaha with this strategy. Commenting on the purchase, Simon Perkins, Managing Director of McKay said "weare delighted to have acquired this good quality building on the BrooklandsEstate. We look forward to working with Yamaha over the next few years and willlook to improve on our initial yield with the short term letting of thewarehouse unit, before marketing the whole in five years time. Being inside theM25 and close to Heathrow there are encouraging prospects for rental growth, andwith neighbouring retail uses the possibility exists for redevelopment in thelonger term". Paul Miller and Company represented Yamaha Motor (UK) Ltd. Background Information McKay Securities PLC is a Real Estate Investment Trust specialising in thedevelopment and refurbishment of quality commercial buildings within establishedand emerging growth areas of Central London and the South East of England.Completed projects are retained and managed for long term growth within theGroup's portfolio, valued in excess of £285m (at 31st March 2006). Contact McKay Securities PLC - 0118 950 2333Simon Perkins, Managing DirectorSteven Mew, Portfolio Director Paul Miller - 0207 636 8444 8th May 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCKS.L