21st Dec 2007 12:51
Mountview Estates PLC21 December 2007 Mountview Estates P.L.C. ('Mountview' or 'the Company') Acquisition of residential property portfolio The Board of Mountview announces that the Company has acquired a mixed portfolioof residential properties from Holloways Properties Limited for an aggregatecash consideration of between £43.25 million and £43.81 million. The portfolio comprises 128 buildings arranged to provide 25 houses and 209self-contained flats in Earlsfield, South West London; the 25 houses are subjectto regulated tenancies; the 209 flats comprise 116 that have been sold on longleases, 66 that are subject to regulated tenancies, 1 that is subject to a lifetenancy, 14 that are subject to assured shorthold tenancies, 2 that are subjectto assured tenancies and 10 that are currently vacant. The portfolio currentlygenerates gross rental income of about £880,000.00. The properties will beclassified as trading stock and held as current assets on Mountview's balancesheet. The aggregate consideration, which is funded from a combination of existing andadditional borrowing facilities is payable as to £4.32 million immediately, asto £38.93 million on 31 January or 1 February 2008 and as to the balance, ifany, upon confirmation by individual leaseholders of whether or not they intendto exercise their right to acquire the freehold interest in the propertiesoccupied by them. The portfolio acquisition is consistent with the Company's long term strategy togenerate shareholder value by acquiring tenanted properties and selling themwhen they become vacant. Enquiries: Brewin Dolphin Limited: Sandy Fraser: Tel: 0131 225 2566 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Mountview Est.