6th Mar 2006 07:00
Development Securities PLC06 March 2006 6 March 2006 Development Securities sells Princess of Wales Centre, Dewsbury Development Securities announced today the sale of the freehold in Princess ofWales Centre in Dewsbury for a consideration of £26.5 million, reflecting a netinitial yield of 5.25%. The disposal of the property, purchased by Development Securities in 2004, willgenerate a net surplus slightly in excess of book value at December 2005. Matthew Weiner, Investment Director at Development Securities PLC, said: "Since acquiring the Centre in 2004, we have worked to improve the rental levelsand have recently set a new tone for the scheme. "Having evaluated all the other potential asset management initiatives, we feltthat the pricing in today's market, where the yields on secondary assets such asthis have compressed significantly since 2004, do not reflect our returnaspirations. We are continuing to focus on unlocking the latent value in ourother convenience shopping centre assets where we believe significantdevelopment-led potential exists." Enquiries: Matthew Weiner, Development Securities PLC 020 7828 4777Alison Howard, The Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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