Development Securities PLC Acquisition of £5.3m Investment Asset (8854J)
April 13 2015 - 2:00AM
UK Regulatory
TIDMDSC
RNS Number : 8854J
Development Securities PLC
13 April 2015
13 April 2015
Development Securities acquires investment asset in South East
London for GBP5.3 million
Development Securities today announces the acquisition by
Cathedral Group of a 3-acre site in The Royal Borough of Greenwich,
London, for GBP5.3 million at a 4.4% initial yield. The site which
benefits from 80 metres of Thames river frontage, is currently
occupied by a building materials group with 9 years remaining on
the lease, and presents several options for redevelopment in the
medium-term. The site is in a key strategic location for
Development Securities and Cathedral who have other significant
regeneration projects in the area.
Richard Upton, Executive Director, Development Securities said:
"Over the past year, we have disposed of a number of mature assets
from within our investment portfolio, reinvesting into new
opportunities where we see growth potential. Today's acquisition
continues this process and adds to our portfolio a well-located
investment asset with a secure long-term income stream with future
redevelopment potential. The acquisition also underlines the
synergies between Cathedral and Development Securities, which is
creating a strengthened pipeline of investment and regeneration
opportunities."
For further information, please contact:
Richard Upton/Lucy Grimble, Development Securities PLC
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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