CRC Circle Property Plc

TIDMCRC

RNS Number : 6939W

Circle Property PLC

22 August 2022

22 August 2022

Circle Property Plc

("Circle", the "Company" or the "Group")

Disposals

Circle Property Plc (AIM: CRC), is pleased to announce, in line with its disposal strategy, that it has exchanged contracts on the sale of Kents Hill Business Park, Kents Hill, Milton Keynes ("Kents Hill") (buildings K1,K2 and K3) comprising approximately 80,576 sq ft of office accommodation to Corum XL c/o Corum Asset Management, at a combined sale price of GBP17.23 million, an increase of 10.1% on the 31 March 2022 valuation of GBP15.65 million.

The sale of buildings K1 and K2 completed simultaneously on exchange at a sale price of GBP12.73 million. Completion of the sale of building K3, at a sale price of GBP4.5 million, is expected to take place prior to the end of the calendar year, following the completion of the refurbishment currently underway.

Kents Hill (K1, K2 and K3) was acquired by the Company in December 2013 for approximately GBP11 million and the profit before tax for the year ended 31 March 2022 attributable to Kents Hill was GBP0.56 million.

In addition, the Company has also exchanged contracts on the sales of Cheltenham House, Temple Street, Birmingham, comprising approximately 16,469 sq ft of office and restaurant accommodation to A S Leisure Properties Limited, for GBP4.7 million, and Elizabeth House, London Road, Staines comprising approximately 14,829 sq ft of office accommodation to MAP Commercial Properties Limited for GBP3.5 million. The sale prices represent a decrease of 9.6% and an increase of 16.7% on the 31 March 2022 valuations of GBP5.2 million and GBP3 million, respectively. Completion is expected on 7 September 2022 and 28 September 2022, respectively.

As previously announced, in June 2022, the Company repaid the amount outstanding under its debt facility in full and is now debt free. The net proceeds from the disposals will be held as Group cash and the Board expects that a minimum of two returns of capital will be made to Shareholders, the first of which is expected to occur by March 2023. Following completion of the sale of Kents Hill K1 and K2, the Company's net cash balance is approximately GBP16.5 million.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

 
                           +44 (0)20 7930 
 Circle Property Plc        8503 
 John Arnold, CEO 
  Edward Olins, COO 
 
                          +44 (0)20 7397 
 Cenkos Securities plc     8900 
 Katy Birkin 
  Mark Connelly 
 
  Radnor Capital 
  Joshua Cryer              +44 (0)20 3897 
  Iain Daly                 1830 
                          +44 (0)20 3757 
 Camarco                   4992 
 Ginny Pulbrook 
  Toby Strong 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISEAEPFAEFAEAA

(END) Dow Jones Newswires

August 22, 2022 02:00 ET (06:00 GMT)

Circle Property (LSE:CRC)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

Circle Property (LSE:CRC)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024