Circle Property PLC Disposal of One Castle Park and 141 Moorgate (9646V)
17 Diciembre 2021 - 01:00AM
UK Regulatory
TIDMCRC
RNS Number : 9646V
Circle Property PLC
17 December 2021
17 December 2021
Circle Property Plc
("Circle", the "Company" or the "Group")
Completion of Disposal of One Castle Park, Bristol and Disposal
of 141 Moorgate
Further to the announcement dated 1 September 2021, Circle
Property Plc (AIM: CRC), which invests in, develops and actively
manages well-located regional office assets, announces that it has
completed the sale of One Castle Park, Bristol for GBP20 million
(the "Disposal").
The sale price of GBP20 million represented a 3.9% increase on
the 31 March 2021 valuation of GBP19.25 million. The investment
property was acquired by the Company in November 2012 for GBP4.165
million.
The Company has a financing facility in place with RBS and HSBC
for GBP100 million comprising a senior revolving facility for GBP65
million (of which the Company has drawn GBP58.544 million) with an
"accordion" option for a further GBP35 million (the
"Facility").
In line with the Board's commitment to reduce the Company's
gearing, GBP18 million of the sale proceeds from the Disposal will
be used to repay a proportion of the Facility. Following this
repayment, the Group's LTV will reduce to 36.9% (excluding cash at
bank) with a Group cash balance of GBP7.6 million, reflecting a net
LTV of 29.9%. The total amount drawn down under the Facility will
reduce to GBP40.544 million.
In addition, the Company is pleased to announce that it has
exchanged contracts to sell 141 Moorgate, London to Moorgate (141)
Properties Ltd. The total sale price of approximately GBP7.1
million (of which 51.04% is due to the Company as head lessee)
represents a 27.3% increase on the 30 September 2021 valuation of
GBP2.85 million (the valuation of the Company's 51.04% interest).
The cash proceeds from the sale due to the Company of GBP3.6
million will, on completion, be utilised to reduce the Company's
gearing.
John Arnold, Chief Executive of Circle Property Plc, said:
"The disposal of One Castle Park allows the Company to
significantly reduce its loan-to-value in accordance with our
previously stated objective and the GBP0.75 million gain over the
31 March 2021 valuation, makes a sizeable contribution to this
year's profit, with the sale of 141 Moorgate contributing a similar
amount over the 30 September 2021 valuation."
+44 (0)207 930
Circle Property Plc 8503
John Arnold, CEO
Edward Olins, COO
+44 (0) 207 397
Cenkos Securities 8900
Katy Birkin
Mark Connelly
+44 (0) 203 897
Radnor Capital Partners 1830
Joshua Cryer
Iain Daly
+44 (0) 203 757
Camarco 4992
Ginny Pulbrook
Rosie Driscoll
Toby Strong
About Circle Property Plc
Circle focusses on acquiring assets in regional cities, many of
which have significant office supply constraints, and on office
assets with active management potential (refurbishment
opportunities, under-rented or vacant properties or short leases),
rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can
actively recycle proceeds from asset sales into its refurbishment
and redevelopment pipeline, as well as future investment
opportunities, therefore targeting a broader range of returns for
shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the
Company's portfolio has significant reversionary potential with
current total estimated rental values of GBP10.92 million per
annum, compared to contracted rent of GBP8.70 million at 31 March
2021. The Company has a portfolio of 10 regional commercial
property investment and development assets in the UK valued at
GBP110 million as at the date of this announcement (using 30
September 2021 valuations).
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