Edge Properties PLC - Acquisitions
01 July 1997 - 8:33AM
UK Regulatory
RNS No 7354f
EDGE PROPERTIES PLC
1st July 1997
EDGE PROPERTIES PLC IN #15.45m OF RETAIL ACQUISITIONS
Edge Properties plc ("Edge") today announces the acquisition of two retail
investments for a total consideration of #15.45m cash.
The principal purchase is a 75,000 sq ft Asda superstore, together with
three adjoining retail units totalling 3,750 sq ft also let to Asda, in
Bearsden, Glasgow which is being acquired for #11m from PDFM Limited.
Located in an affluent suburb approximately eight miles north west of the
city the investment occupies a nine acre site, with the benefit of an
unrestricted planning consent, and currently generates an overall rent of
#676,000 for a term expiring in June 2023 with a review in June 1998. At
the current rent level of #8.20 a sq ft on the superstore, Edge believes
the investment is reversionary.
In addition at Rooksley, Milton Keynes, Edge has purchased three retail
units, covering 24,500 sq ft, from Haymills Property Investments Limited
for #4.45m cash. The units, which produce an initial rental income of
#306,000 a year, are located adjacent to the 78,000 sq ft retail warehouse
investment Edge acquired earlier this year. The next rent review is in
1999.
Contact: Nick Vetch, Jt Chief Executive,
Edge Properties. Tel: 0171-499 9090
Baron Phillips,
Baron Phillips Associates. Tel: 0171-224 1302
END