12th Dec 2007 16:34
Close High Income Properties PLC12 December 2007 CHIP PLC The Board of Close High Income Properties plc ("the Company") is pleased toannounce that contracts were exchanged on Thursday 6th December for the sale ofthe Company's freehold property at Chapel Road, Worthing for £775,000, as wellas the Company's freehold property at Fretherne Road, Welwyn Garden City for£2.68 million. These properties were successfully sold at auction and the grosssale proceeds represent only a small loss (£105,000) to the latest independentvaluation as at 30 September 2007. The properties have generated significantincome and profit since they were both acquired in April 2003 at a combined costof £2.484 million. The proceeds from these sales, together with the previous sale of the Company'sinterest at Engineer Park, Deeside, for £4.59 million (which completed inOctober 2007) will be used partly to reduce the Company's outstanding debt aswell as for general working capital purposes. Following receipt of the sale proceeds, the Company's loan to value ratio ("LTV") will reduce to circa 50%. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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