9th Mar 2006 07:00
Development Securities PLC09 March 2006 Development Securities acquires industrial property in Wigan Development Securities announces the acquisition of the freehold of anindustrial building in Wigan, Lancashire for a consideration of £6.125 million. The 148,000 sq ft unit, which is on a 7.65-acre site within the establishedStone Cross industrial park just off the M6, was built in 1999 and subsequentlyextended in 2001. Matthew Weiner, Investment Director at Development Securities PLC, said: "We are acquiring this property with vacant possession, much as we did with theRedditch industrial property that we successfully sold at the end of last year,subsequent to refurbishment and re-letting, at a significant surplus over bookvalue. "Securing buildings such as Redditch and this unit in Stone Cross, located inareas where there is a shortage of this type of building, and then refurbishingand letting them with a view to disposal over a relatively short period of timeis exactly the sort of prospect that adds to enhanced shareholder returns." Enquiries: Matthew Weiner, Development Securities PLC 020 7828 4777Alison Howard, The Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UAI.L