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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Circle Property Plc | LSE:CRC | London | Ordinary Share | JE00BYP0CK63 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 3.00 | 4.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCRC
RNS Number : 3596V
Circle Property PLC
08 April 2019
8 April 2019
Circle Property Plc
("Circle" or the "Company")
CIRCLE ACHIEVES 100% OCCUPANCY AT KENTS HILL BUSINESS PARK
Circle Property Plc, a specialist regional UK property investment, development and management company, has made further progress with its active portfolio and asset management having leased the remaining 21,150 sq ft of vacant space at Kents Hill Park in Milton Keynes to Grand Union Housing Group Ltd ("Grand Union Housing"), a leading UK housing association.
Grand Union Housing will take the entire first floor of the refurbished 40,000 sq ft K2 building at Kents Hill Park on a 10 year lease at a headline rent after incentives of GBP17.50 per sq ft or GBP352,625 per annum. The rent exceeds the building's current estimated rental value ("ERV") and increases the rental tone for the business park. There will be a five year rent review in line with the Consumer Price Index, with a minimum compound increase of 1% per annum and maximum increase of 4% per annum. Under the terms of the lease, Grand Union Housing will also have 100 on site parking spaces.
This latest letting follows Circle's lease in November 2018 to Deutsche Telekom subsidiary, T-Systems Ltd, which took 13,500 sq ft of space on the ground floor. The remaining space on the ground floor at K2 is let to Selo Doors, with around nine years remaining on the lease.
Kents Hill Park was acquired by Circle in December 2013 and comprises an office and conference facility, consisting of eight self-contained buildings with a total area of 246,598 sq ft. Six of the buildings are let to Compass Group Holdings Ltd on a 25 year lease, ending 2041, which was regeared in September 2018 to remove Compass's 15 and 20 year break options.
The remaining two buildings were fully refurbished and rebranded as K1 and K2. The 28,000 sq ft K1 building is fully let to three tenants.
John Arnold, CEO of Circle Property Plc, commented: "This latest letting at Kents Hill further underlines our ability to create shareholder value by acquiring and asset managing well located buildings through a range of repurposing, lease regearing and redevelopment initiatives. With both K1 and K2 and Kents Hill now let to a range of clients on long leases we have created an institutional quality asset and we look forward to the full occupancy being reflected in our next portfolio valuation. We will now begin the process of assessing and preparing to bring forward the other value enhancing asset management initiatives we have identified across the park."
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
ENDS
Circle Property Plc +44 (0)20 7930 8503 John Arnold, CEO Edward Olins, COO +44 (0) 207 397 Cenkos Securities 8900 Azhic Basirov Katy Birkin Radnor Capital Iain Daly +44 (0) 20 3897 Joshua Cryer 1830 FTI Consulting +44 (0)20 3727 1000 Giles Barrie Richard Sunderland Eve Kirmatzis circleproperty@fticonsulting.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDUBUBRKRASRAR
(END) Dow Jones Newswires
April 08, 2019 02:00 ET (06:00 GMT)
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