19th Dec 2005 07:05
Wichford plc19 December 2005 19 December 2005 Wichford plc. Acquisitions Wichford plc ("Wichford" or "the Company"), the property investment company,today announces two acquisitions in Watford and Basildon for a totalconsideration of £19,340,000. The total rental income is £1,381,500 so thepurchase price reflects a net initial yield of 6.85%. Exchange House, Watford The property is located in the heart of Watford in the Inner Ring Road andconsists of a 62,944 sq ft building. Held Freehold it is let to the Secretary ofState for the Environment on a lease expiring September 2009. The current rentis £854,000 and Wichford acquired the property for £11,950,000 reflecting a netinitial yield of 7%. Great Oaks House, Basildon The property is located in the centre of Basildon and consists of a 52,403 sq ftbuilding. Held virtual freehold it is let to the Secretary of State for theEnvironment on a lease expiring September 2013. The current rent is £527,500p.a. and Wichford acquired the property for £7,390,000 reflecting a net initialyield of 6.75%. Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571Patrick Toyne-SewellGeorge Cazenove Notes to Editors Wichford plc is a property investment company, with a portfolio focused on UKinvestment property outside Central London occupied exclusively by UK CentralGovernment bodies, which listed on AIM in August 2004. Assuming completion ofthe above acquisitions, the company will have 48 properties under managementwith a gross asset value of around £286 million generating a rental income ofover (£Y) million per annum. The company maintains a portfolio of propertiesacross the UK with unit values usually between £3 million and £15 million. Theproperties are occupied by UK Central Government bodies and all are outsideCentral London. Wichford is seeking to benefit from the Government's commitmentto act upon the recommendations of the Lyons Review (March 2004) that about20,000 public sector jobs should be relocated outside London and the South-Eastof England over the next seven years. The Company's current portfolio has aweighted average unexpired lease term of 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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