Circle Property PLC Disposal of Victory House, Northampton (7338N)

TIDMCRC

RNS Number : 7338N

Circle Property PLC

24 January 2023

24 January 2023

Circle Property Plc

("Circle", the "Company" or the "Group")

Disposal of Victory House, Northampton

Circle Property Plc (AIM: CRC), is pleased to announce, in line with its disposal strategy, that it has exchanged contracts on the sale of Victory House, 400 Pavilion Drive, Northampton ("Victory House") to Hilla Group Northampton Limited at a sale price of GBP2.75 million. Completion is expected by mid-March 2023.

Victory House comprises a 22,300 sq ft (2.072 sq m) office building that was acquired by the Group in 2011 for GBP1.70 million. Profit before tax for the year ended 31 March 2022 attributable to Victory House was GBP0.270 million and the 31 March 2022 valuation was GBP3.20 million.

Following completion, the net proceeds from the disposal will be held as Group cash and are expected to be returned to Shareholders through the proposed B Shares Issues as announced by the Company on 20 January 2023, the first of which is expected to occur in March 2023.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

 
                           [phone] 
 Circle Property Plc        8503 
 John Arnold, CEO 
  Edward Olins, COO 
 
                          [phone] 
 Cenkos Securities plc     8900 
 Katy Birkin 
  George Lawson 
 
  Radnor Capital 
  Joshua Cryer              [phone] 
  Iain Daly                 1830 
                          [phone] 
 Camarco                   4992 
 Ginny Pulbrook 
  Toby Strong 
 

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January 24, 2023 11:25 ET (16:25 GMT)