Bisichi Mining PLC GBP5.6M Joint Venture Retail Acquisition

 
TIDMBISI 
 
FOR IMMEDIATE RELEASE 
 
23 May 2018 
 
                              BISICHI MINING PLC: 
 
                    GBP5.6M JOINT VENTURE RETAIL ACQUISITION 
 
Bisichi Mining PLC ("Bisichi") today announces it has formed a joint venture 
that has exchanged contracts to acquire the freehold of five shops in West 
Ealing, London. 
 
Bisichi Mining Plc and London & Associated Properties PLC, a 41.52% shareholder 
of Bisichi, will each own 45% of the joint venture, with the remaining 10% 
owned by Metroprop Real Estate Ltd. 
 
The shops produce a current rent of cGBP140,000 per annum and have planning 
consent for 20 flats at first and second floor.  Four flats have already been 
built and are currently vacant. 
 
The total consideration paid by the joint venture for the shops, before 
transaction and development costs, will be GBP5.6 million of cash. Bisichi's 
share of the consideration will be funded out of existing cash resources. 
 
Andrew Heller, Bisichi's Managing Director, commented: "This is an exciting 
opportunity to acquire a substantial block of shops in a rapidly improving part 
of West London.  The portfolio is a five-minute walk from West Ealing Crossrail 
station and we expect values there to continue to rise over the medium term.  I 
look forward to updating shareholders as the development progresses". 
 
                                     Ends. 
 
Contact: 
 
            Andrew Heller, Managing Director, Bisichi. 
Tel: [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

May 23, 2018 09:00 ET (13:00 GMT)