CRC Circle Property Plc

TIDMCRC

RNS Number : 3425Y

Circle Property PLC

04 May 2023

4 May 2023

Circle Property Plc

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

Final Disposal - 300 Pavilion Drive, Northampton

Circle Property Plc (AIM: CRC), is pleased to announce, that it has exchanged and simultaneously completed the sale of its final remaining asset, 300 Pavilion Drive, Northampton ("300 Pavilion Drive") to Portman Finance Group Ltd at a sale price of GBP2.85 million.

300 Pavilion Drive comprises approximately 43,577 sq ft of office accommodation including approximately 12,875 sq ft of refurbished, vacant and available to let office space. 300 Pavilion Drive is part let, as follows: Grant Thornton UK LLP (47.9%), ALD Automotive Limited (12.4%), NAK Consulting (5.4%) and Online Direct (4.7%). 300 Pavilion Drive has total rent passing of approximately GBP0.39 million per annum (GBP12.74 psf overall). 300 Pavilion Drive was acquired by the Company in May 2009 for GBP3.875 million and had a valuation as at 30 September 2022 of GBP5.45 million. The profit before tax for the year ended 31 March 2022 attributable to 300 Pavilion Drive was GBP0.2 million.

The net proceeds from the disposal will be held as Group cash and will be returned to Shareholders once adjusted for the Group's termination costs.

Further announcements will be made, in due course.

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 
  George Lawson 
 
  Radnor Capital 
  Joshua Cryer              +44 (0)20 3897 
  Iain Daly                 1830 
                          +44 (0)20 3757 
 Camarco                   4992 
 Ginny Pulbrook 
  Rosie Driscoll 
 

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(END) Dow Jones Newswires

May 04, 2023 02:00 ET (06:00 GMT)

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