17th Feb 2016 07:00
Market Tech Holdings Limited
("Market Tech" or the "Company" or "the Group")
Acquisition of strategic real estate asset
Market Tech Holdings Limited (LSE: MKT), the holding company that combines approximately 15 acres of iconic London real estate assets, including the main Camden Markets, with digital capabilities to deliver a living, working, retail and leisure space, is pleased to announce that it has exchanged contracts to acquire the freehold of 101 Camley Street, King's Cross for a total cash consideration of circa £36.7 million including stamp duty of circa £1.7 million, to be funded from the existing cash resources of the Group.
The property is located in the London Borough of Camden adjacent to the rapidly changing King's Cross Central redevelopment area. The site has detailed planning consent for a mixed use development including 22,650 sq ft gross internal area of flexible commercial space, along with 91 private new homes and 30 affordable/shared ownership apartments. The site occupies a significant location with frontages onto Camley Street, Granary Street and the Regent's Canal. Completion of the acquisition is intended to take place when the existing occupational tenant provides vacant possession of the site, which it has agreed to do with a long stop date of 1 November 2016.
Commenting on the acquisition, Market Tech CEO, Charles Butler, said:
"With 101 Camley Street we are securing an outstanding location further along the Regent's Canal from our Hawley Wharf development, taking us into the King's Cross "tech belt", at a very attractive price. The property enables us to expand our co-working and flexible office operations as well as delivering a strong, long term rental growth opportunity for the Group."
- Ends -
For further information:
Market Tech Charles Butler, Chief Executive Officer Andrew Bull, Chief Financial Officer c/o Bell Pottinger
| +44 (0) 20 3772 2500 |
Bell Pottinger David Rydell Olly Scott James Newman Anna Legge | +44 (0) 20 3772 2500 |
About Market Tech
Market Tech combines the iconic Camden Market real estate assets with digital technology to deliver a living, working, retail and leisure environment. The Company owns approximately 15 acres of real estate assets in Camden, including the Stables Market; Union Street Market, (also known as Buck Street Market); Camden Lock Market; and Hawley Wharf, (formerly known as Camden Lock Village). It also owns separate real estate assets on Camden High Street; Kentish Town Road; properties on Jamestown Road, (including the Camden Wharf Building); The Interchange Building on Oval Road, Utopia Village in Primrose Hill, 1-11 Hawley Crescent and 49 Chalk Farm Road.
The Company owns three e-commerce businesses, referred to as Market Tech Digital. These are Stucco Media, an e-commerce marketing platform, Glispa, a Berlin-based mobile marketing business and Fiver, a B2C online fashion retailer.
www.market-tech.com
Related Shares:
MKT.L