22nd Aug 2006 08:00
McKay Securities PLC22 August 2006 PRESS RELEASE McKay Securities PLC Sells Chancery House, Sutton McKay Securities PLC is pleased to announce the sale of Chancery House, Suttonfor £13.33 million to Arlington Property Investors, acting on behalf ofNottinghamshire County Council Pension Fund. The sale price was in excess ofbook value, and represented an initial yield of 6%. Chancery House, a 55,000 sq ft office headquarters in Central Sutton, wasdeveloped by McKay in 1982 in partnership with Hill Samuel. In 2004 McKayacquired the controlling 80% head lease interest for £4 million, and afterrefurbishment, achieved full occupation with a number of lettings totalling24,000 sq ft. Commenting on the sale, Simon Perkins, Managing Director of McKay said "the salehas realised the significant uplift in value generated by the well executedrefurbishment and successful letting programme, and the current high levels ofinstitutional demand for this type of investment. The proceeds from the salewill be used for acquisitions and new development and refurbishment projectswithin our existing portfolio". Mellersh & Harding acted for McKay Securities PLC and Montagu Evans acted forArlington Property Investors. Contact: Simon Perkins - McKay Securities PLCSteven Mew0118 950 2333 22nd August 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCKS.L