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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 Subscribe to WSJ:

Share News for Development Securities (DSC)
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