23rd May 2007 07:00
Wichford plc23 May 2007 ANNOUNCES 3 UK ACQUISITIONS WORTH A TOTAL OF £30m NEW PROPERTIES LOCATED IN NORWICH, BEDFORD AND BIRMINGHAM Wichford plc announces the acquisition of three properties in the UK for a totalconsideration of £30,490,500. The three properties are in Norwich, Bedford and Birmingham total 150,408 sq.ft. and produce a combined rental income of £2,020,713 per annum. This reflectsan average rent of £13.44 per sq. ft. The blended net initial yield received byWichford is therefore 6.32%. Bedford The property consists of a modern office complex of 112,114 sq. ft. on 9.65acres. The majority of the building is let to the Highways Agency until 2020(break at 2015) at a current rent of £900,000 per annum. The remaining floor isunder offer to a firm of insurance brokers at £350,160 per annum and the annexbuilding is let to Amey Infrastructure and occupied by the Bedfordshire CountyCouncil Highways Department until 2016 at £128,333 per annum. The total rental income is £1,378,493 per annum reflecting £12.29 per sq. ft.overall. The property will form part of the Core Portfolio. Norwich The property consists of a long leasehold interest in a modern office buildingtotalling 9,135 sq. ft. in the heart of Norwich City Centre. The entire property is let to the Department of Work and Pensions until 2030.The net rent of £139,400 per annum reflects £17.95 per sq. ft. The property willform part of the Core Portfolio Birmingham The property is a modern freehold office building of 28,925 sq. ft. with over50% let to the Secretary of State for Transport, Local Government and theRegions and occupied by the Immigration Authority. The remainder is let toSevern Trent Water. All the leases expire in 2011 and the total rental income is £502,820 per annum.This reflects £17.05 per sq. ft. The building is located less than a mile from Sheldon Court, the ImmigrationCourt for the West Midlands. The building has been added to the ActivePortfolio. Michael Sheehan, Chairman of Wichford plc commented: "We are delighted with these three acquisitions which show that the company isstill selectively able to find UK acquisitions at attractive yields for both theCore and Active portfolio. In combination with the acquisition in Halle announced last week the company hasnow committed just under £70 million of the £75 million raised through ourhighly successful placing in February of this year". Contacts Wichford PLCJamie Hambro Tel: 020 7747 5678Philip Cooper Tel: 020 7495 7111Citigate Dewe Rogerson Tel: 020 7638 9571George CazenoveHannah Seward Notes to Editors Wichford PLC (AIM:WICH) is a property investment company, with a portfoliofocused on UK investment property outside Central London occupied exclusively byUK Central Government bodies. Following the purchase of a justice centre inHalle, Germany (announced 15 May 2007), the Company now also has similar assetsin Continental Europe. The Company currently owns 71 properties with a gross asset value of circa £575million generating a rental income of circa £34 million per annum. The company'sportfolio of properties has unit values usually between £2 million and £25million. The Company's current core portfolio has a weighted average unexpiredlease term of circa 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RDI.L