28th Nov 2005 07:00
Development Securities PLC28 November 2005 Development Securities announces sale of Vector Point in Redditch Development Securities PLC announced today that it has sold the production unitat Vector Point to a Protego Real Estate Investors' fund for £8.175 million, aprice reflecting NIY of 6.79%, generating a net surplus of approximately £1.5mover book value. The 110,000 sq ft property, purchased by Development Securities in 2004 withvacant possession, was let to an automotive industry related manufacturerearlier this year following a substantial refurbishment by DevelopmentSecurities. The property is in the industrial area of Redditch, nearBirmingham. Matthew Weiner, Investment Director at Development Securities said, "We accepted void risk when we acquired this property, believing that thecomparative shortage of product of this size meant the letting and resaleprospects would be positive. The identification, refurbishment and subsequentsuccessful letting and sale over a relatively short period of time is exactlythe sort of investment opportunity that allows us to continue to generatesuperior returns for our shareholders." NAI Fuller Peiser acted for Development Securities and GVA Grimley acted for thebuyer. Enquiries: Matthew Weiner Development Securities 020 7828 4777 Alison 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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