30th May 2008 07:00
Wichford P.L.C.
("Wichford" or the "Company")
30 May 2008
Acquisition of St Anne House, Croydon for £15,250,000
Wichford P.L.C., the property investment company announces its first U.K. acquisition for over a year.
The Company has acquired the freehold of St Anne House, Croydon from an Invista Managed fund for the sum of £15,250,000. The property will be added to the Company's Active Portfolio.
St Anne House is a 1960s office building which was refurbished in 2002 and provides 73,234 sq.ft of accommodation on 12 floors. It is located in Croydon's main office core on Wellesley Road.
The majority of the building is let to the Home Office on a lease expiring in April 2017 but with a break clause in 2012. The engineering company, Mott MacDonald, occupies floors 1-3 on a lease expiring June 2010. The total income of £1,166,325 pa reflects a rental price of £15.89 per sq. ft and, at the above purchase price, the net initial yield to Wichford is 7.25%.
Philippe de Nicolay, Chairman of Wichford P.L.C. commented,
"I am pleased to announce this excellent acquisition which will enhance the Company's portfolio. The problems in the UK property market will undoubtedly produce opportunities for Wichford to be able to purchase earnings enhancing properties let to the UK government and I look forward to announcing further acquisitions as the year progresses."
For further details, please contact,
Wichford P.L.C.
Philippe de Nicolay 00 33 1 40 74 42 79
Wichford Property Management Ltd
Jamie Hambro 020 7747 5678
Philip Cooper 020 7495 7111
Citigate Dewe Rogerson 020 7638 9571
George Cazenove
Hannah Seward
Notes to Editors
Wichford P.L.C. (UK Listed:WICH) is a property investment company, with a portfolio focused on investment property occupied exclusively by Central and State Government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in Germany, the Netherlands and France.
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