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Development Securities Acquires Real Estate in Romford for GBP8.3M

LONDON--Development Securities PLC (DSC.LN), a property developer and investor, Thursday announced the 8.3 million pound acquisition of Tollgate House and Market Place in Romford, Greater London, from administrators acting on behalf of Lloyds Banking Group. MAIN FACTS: -Total acquisition of 104,400 square feet of mixed-use real estate and includes the part-freehold and part-long leasehold of three real estate assets with development potential -Market Place comprises 44,300 square-foot of retail space, which is 78% let to national and local retailers, and 69 residential apartments. -A part-built development at Market place will take GBP3.2 million and nine months to complete, and will include 35,200 square feet of further retail space and another 22 residential apartments -Tollgate House has 8,100 square feet of office space and 2,500 square feet of retail space; the building is 93% let with plans to increase occupancy and enhance income through minor refurbishment works -The blended initial yield across the assets is currently 8.01% with a weighted average lease length of 13.1 years -Shares at 0750 GMT up 1 pence, or 0.64%, at 197 pence valuing the company at GBP239.53 million. Write to Nick Kostov at nick.kostov@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Share News for Development Securities (DSC)
DateTimeHeadline
17/06/201511:34:05Development Securities PLC Blocklisting Interim Review
16/06/201515:59:00DIRECTOR DEALINGS: Development Securities Deputy CEO Buys Shares
16/06/201515:24:14Development Securities PLC Director/PDMR Shareholding
09/06/201508:54:15Development Securities Buys Dublin Retail Assets With Irish Tycoons
09/06/201507:00:51Development Securities PLC Acquisition of two investment assets...
08/06/201516:53:09Development Securities PLC Director/PDMR Shareholding
22/05/201516:02:24Development Securities PLC Annual Financial Report
22/05/201512:29:28Development Securities PLC Director/PDMR Shareholding
07/05/201516:40:28Development Securities PLC Second Price Monitoring Extn
07/05/201516:35:18Development Securities PLC Price Monitoring Extension
29/04/201511:42:03Development Securities Profit Boosted By Cathedral Group Acquisition
29/04/201508:06:00Development Securities Executives Interviewed on Full-Year Results
29/04/201508:06:00Development Securities Executives Interviewed on Full-Year Results
29/04/201507:45:01*Development Securities FY Portfolio Value Increases GBP11.2M
29/04/201507:44:46*Development Securities FY NAV Per Share Up 8.4%
29/04/201507:44:36*Development Securities FY Total Dividends Up To 13.9P
29/04/201507:44:24*Development Securities Pretax Profit Doubles To GBP45.4M
29/04/201507:02:00Development Securities PLC Preliminary Results -27-
29/04/201507:02:00Development Securities PLC Preliminary Results -24-
29/04/201507:02:00Development Securities PLC Preliminary Results -25-

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