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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mckay Securities Plc | LSE:MCKS | London | Ordinary Share | GB0005522007 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 281.00 | 281.00 | 283.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCKS
RNS Number : 0102X
McKay Securities PLC
16 February 2017
McKAY SECURITIES PLC ("McKay")
DISPOSAL OF PINEHURST PARK, FARNBOROUGH
McKay Securities PLC, the Real Estate Investment Trust (REIT) specialising entirely in the South East and London Office and industrial markets, is pleased to announce it has exchanged contracts for the unconditional disposal of the freehold of its remaining interest at Pinehurst Park, in central Farnborough to Pinehurst Investments Ltd (a subsidiary of Shaviram Developments Ltd), for GBP5.88 million. The purchaser has paid a GBP1.00 million non-returnable deposit, and McKay will retain income through to completion on 28(th) November 2017.
The sale will generate a net surplus of 11.5% over book value (30(th) September 2016).
McKay purchased Pinehurst Park in May 2012 for GBP3.50 million. In April 2013, it disposed of the former Convent building fronting the site for GBP1.24 million having obtained planning consent for conversion from office to residential use. This disposal of the balance of the site consists of a 50,200 sq ft office building constructed in 1991, let to IBM until 28(th) February 2018 at a rent of GBP0.75 million pa. On completion of this sale, McKay's net disposal proceeds will total GBP6.36 million, representing a 71.9% return on cost. In addition, McKay will have received rental income totalling GBP3.34 million since acquisition.
The purchaser proposes a residential development.
Simon Perkins, CEO of McKay commented:
"When we purchased the property from the Receivers in 2012, we identified the potential to add value by pursuing a change of use to residential, whilst benefitting from a high income yield.
This has proven to be a highly successful strategy, and disposal proceeds have exceeded our expectations. This sale will deliver a significant surplus to book value, and enable retention of income through to completion.
On completion, total sale proceeds will be nearly double the price we paid for the property, which in any event is virtually covered by the rental income we have received.
Sale proceeds will be reinvested into future acquisitions and other refurbishment and development projects which continue to add value and improve our portfolio."
- ends -
Date: 16(th) February 2017 For further information, Media enquiries: please contact: McKay Securities PLC Capital Access Group Simon Perkins, CEO Scott Fulton Giles Salmon, CFO 020 3763 3400 0118 950 2333
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
February 16, 2017 02:00 ET (07:00 GMT)
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