Ace Liberty & Stone PLC Property Transactions (6956U)

TIDMALSP

RNS Number : 6956U

Ace Liberty & Stone PLC

11 April 2016

 
 Press Release   11 April 2016 
 

Ace Liberty & Stone Plc

(" Ace" or the "Company")

Property Transactions

Ace Liberty & Stone Plc (ISDX: ALSP), the active property investment company capitalising on commercial property investment opportunities across the UK, is pleased to announce the following property transactions.

The Company has sold Princegate House, Doncaster for GBP850,000. As announced on 19 December 2013, the property, including its car park, was purchased at a cost of GBP694,000. During its period of ownership, Ace has secured planning permission for two alternative schemes of residential conversion and the construction of an additional floor on the roof. Following the recent ending of the existing lease with a passing rent of GBP210,000 per annum, the building is ready for immediate development. Ace has retained the car park of the Princegate House property for further development.

Ace has purchased Willow Court and Holly Court, two industrial estates adjacent to each other in Marsh Mills, Plymouth for a combined price of GBP3,500,000. Both properties have 17 years remaining on leases to Plymouth City Council at an annual rent of GBP205,000. This purchase will be partly financed by a secured bank loan and continues the Company's policy of investing in properties with first class tenants.

The Company has also added two residential properties to its current portfolio. Flat G, Oscar Court, 17 Tite Street, London has been purchased for GBP2,700,000 with the assistance of a secured loan from Byblos Bank Europe. The balance of the price will be satisfied by the issue of new ordinary shares at 3p per ordinary share.

Flat 2, Colebrook Court, Sloane Avenue, London has been purchased from Dr Tony Ghorayeb, a Director of the Company, for GBP1,500,000. This purchase will also be partly financed by a secured bank loan and the issue of new ordinary shares, at 3p per ordinary share.

Announcements in respect of the share allotments for these transactions will be made as soon as possible following the issue of the shares.

Ismail Ghandour, Chief Executive commented: "The Board is pleased that we have already identified profitable investment opportunities following our recent fundraise through the open offer in February, while receiving continued support from existing shareholders for additional funding to expand our portfolio. The recent purchases made by the Company show the intent for continued growth through executing our strategy of making sound investments that meet our purchase criteria. On the other hand, the sale of Princegate House portrays the journey of an Ace Liberty & Stone transaction from start to finish, culminating in a profit that can re-invested in future property targets."

- Ends -

For further information, please contact:

 
 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director       Tel: [phone] 
                                   http://acelibertyandstone.com 
 Alfred Henry Corporate Finance 
  Ltd, ISDX Corporate Adviser 
 Jon Isaacs / Nick Michaels            Tel: [phone] 
                                             www.alfredhenry.com 
 Hybridan LLP, Corporate 
  Broker 
 Claire Noyce / Darshan Patel           Tel: [phone] 
                                                www.hybridan.com 
 

Media enquiries:

 
 Abchurch 
 Quincy Allan / Canace Wong        Tel: [phone] 
 [e-mail]      www.abchurch-group.com 
 

Notes to Editors

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead Tyne and Wear, and London. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions smaller properties have begun to appreciate in value, and this trend is starting to appear amongst larger properties.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

For more information on the Company please visit: http://acelibertyandstone.com/

This information is provided by RNS

The company news service from the London Stock Exchange

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April 11, 2016 02:00 ET (06:00 GMT)