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
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