13th Nov 2006 07:01
Wichford plc13 November 2006 13 November 2006 Press Release Wichford plc Sale of Foundry Court, Sheffield, for £6.6m Wichford plc today announces the sale of Foundry Court, Sheffield from its coreportfolio in the sum of £6,600,000. The property is let to the Secretary of State for Transport for a further 11years at a current rent of £362,974 per annum. The sale price reflects a netinitial yield to the purchaser of 5.2%. Wichford plc acquired the property as part of the Hamilton Portfolio in December2003 for a total cost of £5,500,000. The sale price thus produces a grossprofit of £1,100,000 and compares favourably with the Atis valuation at theinterim stage in March of £5,970,000. Michael Sheehan, Chairman of Wichford plc commented, "This disposal continues our policy of making occasional disposals where theprice offered is right and we feel able to reinvest the proceeds to the benefitsof shareholders elsewhere". END Note: Wichford plc has retained a larger holding in Sheffield: Kings Court, which wasvalued at £11.5 million in March 2006 Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571George CazenoveHannah Seward Notes to Editors Wichford PLC is a property investment company, with a portfolio focused on UKinvestment property outside Central London occupied exclusively by UK CentralGovernment bodies. Following this disposal, the Company will have 62 propertiesunder management with a gross asset value of circa £433 million generating arental income of over £27.1 million per annum. The Company maintains a portfolioof properties across the UK with unit values usually between £2 million and £25million. The properties are occupied by UK Central Government bodies and all areoutside Central London. The Company's current portfolio has a weighted averageunexpired lease term of circa 10 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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