20th Jan 2010 12:00
Wichford P.L.C.
("Wichford" or the "Company")
Acquisitions
20 January 2010
Wichford P.L.C., the property investment company, announces three acquisitions in the UK, located in Bristol, Gillingham and Uxbridge, for a total of £23,337,000.
Crescent Centre, Bristol
Wichford P.L.C. has acquired the Crescent Centre, Temple Back, Bristol from Henderson Global Investors for £14,000,000.
The multi-let 1970s office building totals 88,053 sq ft. with 48 car parking spaces. The largest tenant is Her Majesty's Revenue & Customs and the Employment Tribunals. Government occupiers make up 86.5% of the passing rent.
The current income is £1,167,959 with two small suites empty and available to rent. The purchase price reflects a net initial yield of 7.89%.
This property, which has a weighted average unexpired lease term ("WAULT") of 8.8 years, is expected to be pledged to the Zeta portfolio and will not directly impact the WAULT calculations of the Gamma or Delta facilities.
Once this acquisition is pledged to the Zeta facility it will release funds held as collateral from properties that were sold or released from this facility to assist with the WAULT on the Delta and Gamma facilities. This acquisition therefore forms part of the overall strategy for the improvement of the Delta and Gamma WAULT.
DSA Driving Centres, Uxbridge and Gillingham
Wichford has also exchanged contracts on two pre-let DSA Driving Centres in Gillingham and Uxbridge for a total acquisition price of £9,337,000. In both cases, practical completion is scheduled to take place before the end of May 2010.
The two properties are both let on forty year leases to the Driving Standards Agency. Gillingham and Uxbridge have tenant break options in year fifteen and twenty respectively.
The total initial income is £585,000 giving a blended net initial yield of 5.92% based on the purchase price.
These two acquisitions both assist in raising the WAULT of Wichford's UK portfolio and it is intended that both properties will be pledged to the Delta Facility subject to practical completion and the Security Trustee accepting the properties as substitute properties.
For further details, please contact,
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Wichford P.L.C. |
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Philippe de Nicolay |
00 33 1 40 74 42 79 |
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Wichford Property Management Ltd |
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Philip Cooper |
020 7495 7111 |
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Stephen Oakenfull |
020 7811 0100 |
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Citigate Dewe Rogerson |
020 7638 9571 |
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George Cazenove |
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Kate Lehane |
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 France, Germany and the Netherlands.
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