Circle Property PLC Disposal of One Castle Park, Bristol for GBP20m (3051K)
01 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMCRC
RNS Number : 3051K
Circle Property PLC
01 September 2021
1 September 2021
Circle Property Plc
("Circle" or the "Company")
Disposal of One Castle Park, Bristol for GBP20 million
Circle Property Plc (AIM: CRC), which invests in, develops and
actively manages well-located regional office assets, is pleased to
announce that it has exchanged contracts to sell One Castle Park,
Bristol to Boultbee LDN Capital Ltd.
The sale price of GBP20 million represents a 3.9% increase on
the 31 March 2021 valuation of GBP19.25 million, with completion
expected to take place on 16 December 2021. The investment property
was acquired by the Company in November 2012 for GBP4.165
million.
One Castle Park, Bristol, comprises a refurbished multi-let city
centre office building providing 79,359 sq ft of accommodation with
a weighted unexpired lease term of 3.3 years to expiry and total
rent passing of GBP999,543 per annum (GBP16.42 psf overall). The
profit before tax for the year ending 31 March 2021 attributable to
One Castle Park was GBP0.65 million.
The cash proceeds from the sale (subject to completion) will be
utilised, in line with previous announcements, to reduce the
Company's gearing from the current level. The Company has a number
of assets that have benefited from an active management approach
where considerable value has been added following redevelopment,
lease restructures or renewals.
Further announcements, will be made, as appropriate.
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
Cenkos Securities plc +44 (0)20 7397 8900
Katy Birkin
Mark Connelly
Radnor Capital
Joshua Cryer
Iain Daly +44 (0)20 3897 1830
Camarco +0203 757 4992
Ginny Pulbrook
Toby Strong
About Circle Property Plc
Circle is amongst the best performing quoted UK real estate
companies having delivered 84% NAV growth and a 105% total return
(NAV growth and dividends) since IPO in 2016.
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
2020. The Company has a portfolio of 13 regional commercial
property investment and development assets in the UK valued at
GBP132.15 million as at 31 March 2021.
* valuation figures stated after deducting the value of Power
House, Davy Avenue, Milton Keynes (being GBP3.3 million as at 31
March 2020 and GBP3.25 million as at 30 September 2020) which was
sold by the Company for GBP3.55 million in March 2021.
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END
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