31st Mar 2015 15:18
31 March 2015
Secure Income REIT Plc (the "Company")
Secure Income REIT agrees the sale of New Hall Hospital, Salisbury for £49.8 million
The Board of Secure Income REIT PLC announces that it has unconditionally exchanged contracts to sell the freehold of the New Hall Hospital, Salisbury to clients of LaSalle Investment Management for £49.8 million. The private hospital is operated by Ramsay Health Care Ltd, Australia's largest quoted private healthcare business with a market capitalisation of approximately £7 billion and one of the world's leading acute care providers.
The purchase price represents a net initial yield of 5.3%. The hospital is let with 22 years unexpired and has fixed annual rental uplifts of 2.75% or five yearly open market reviews, whichever is the higher.
CBRE acted for Secure Income REIT PLC. Bilfinger GVA and Lewis & Partners acted for LaSalle Investment Management.
Commenting on the transaction, Secure Income REIT PLC Chairman Martin Moore said:
"Ramsay is one of the world's top healthcare providers and the sale of this property to a major UK institution helps to reinforce our firm view that healthcare is now established as a highly sought after alternative investment asset class."
Enquiries:
Secure Income REIT Plc | +44 20 7647 7647 |
Nick Leslau Mike Brown Sandy Gumm | |
Stifel Nicolaus Europe Limited (Nominated Adviser) | +44 20 7710 7720 |
David Arch | |
Tom Yeadon | |
| |
FTI Consulting | +44 20 3727 1000 |
Richard Sunderland | |
Claire Turvey |
About Secure Income REIT
Secure Income REIT floated as a Real Estate Investment Trust on the AIM segment of the London Stock Exchange in June 2014. Upon Admission, the Company had a share price of 174p, representing a market capitalisation of £293 million, which has subsequently grown to 310p, valuing the Company at c. £535 million.
The Company specialises in generating long term, inflation protected, secure income from real estate investments. Its investment strategy is designed to satisfy investors' growing requirements for high quality, safe, inflation protected income flows.
At its preliminary results to 31 December 2014 the Company reported gross assets of £1.63 billion and, with a weighted average unexpired lease term of 25 years across its portfolio, all with fixed or RPI rental uplifts, has one of the longest income profiles in quoted property sector.
The Company's Board is chaired by Martin Moore and also comprises three further independent Directors in Leslie Ferrar, Jonathan Lane and Ian Marcus, as well as three members of the Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is externally managed by Prestbury Investments LLP which was external manager to Max Property Group plc until August 2014, when was sold to Blackstone Group.
Prestbury and Sir Tom Hunter are majority shareholders in Secure Income REIT with 26% each.
Related Shares:
SIR.L