McKay Securities PLC CONTRACTOR APPOINTMENT FOR DELIVERY OF WAREHOUSE (7276U)

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RNS Number : 7276U

McKay Securities PLC

02 April 2019

McKAY SECURITIES PLC ("the Group" or "McKay")

MCKAY APPOINTS READIE CONSTRUCTION TO DELIVER SOUTH EAST URBAN DISTRIBUTION WAREHOUSE

McKay Securities PLC, the only UK REIT specialising entirely in the London and South East office and industrial markets, today announces that it has appointed Readie Construction as contractor to develop Theale Logistics Park in Reading. Construction of the 134,430 sq ft urban distribution warehouse will commence imminently with completion expected in December 2019. Marketing of the property has already begun.

Located adjacent to junction 12 of the M4, five miles from the centre of Reading, Theale Logistic Park's strategic edge-of-town position will be attractive to a diverse range of potential occupiers such as online retailers, third-party logistics operators and last mile distributors. The location is already an established logistics hub with local occupiers including Amazon, Bunzl, Direct Wines, Ikea and John Lewis.

Demolition of a former warehouse on the site completed last year, and the new facility will increase the floor area by 39%, in line with McKay's strategy to redevelop and add value to the asset having acquired the site in 2015.

Simon Perkins, Chief Executive of McKay, commented:

"Theale Business Park's prime location provides good access to Reading, a metropolitan hub, whilst also providing strong connectivity to the wider UK motorway network and last mile delivery routes. The Theale site is well placed to benefit from the ongoing low levels of supply of quality mid-size distribution space in the Thames Valley alongside the continued growth of e-commerce supporting the logistics sector.

The project is underpinned by McKay's strategic focus on office and industrial property within London and the South East.

"Readie is an excellent contractor with significant experience in similar projects and we look forward to working with them on this exciting project."

   -     ENDS   - 

Date: 2(nd) April 2019

For further information, please contact:

   McKay Securities PLC                              FTI Consulting 
   Simon Perkins, CEO                                          Dido Laurimore, Ellie Sweeney 
   Giles Salmon, CFO                                            0203 727 1000 
   0118 950 2333                                                   [e-mail] 

About McKay Securities

McKay Securities PLC is a commercial property investment company with Real Estate Investment Trust (REIT) status, listed on the main market of the London Stock Exchange. It specialises in the development and refurbishment of good quality office and industrial building with established and proven markets of London and South East England. The portfolio, which was lasted valued at GBP479 million (30(th) September 2018), now comprises 33 properties in strong and established areas which delivery diversity in terms of both sector and location.

www.mckaysecurities.plc.uk

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April 02, 2019 02:00 ET (06:00 GMT)