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DJ Ace Liberty & Stone PLC Purchase of 1-5 Upper Market Square, Hanley

TIDMALSP

RNS Number : 6978L

Ace Liberty & Stone PLC

05 October 2016

 
 Press Release   5 October 2016 
 

Ace Liberty & Stone Plc

(" Ace" or the "Company")

Purchase of 1-5 Upper Market Square, Hanley for GBP9 million

Ace Liberty & Stone Plc (ISDX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, today announces a further addition to the Company's portfolio with the purchase of 1-5 Upper Market Square, Hanley. The contracts were exchanged on 8 August 2016 by Ace (Hanley) Limited, a 100% subsidiary of the Company, for the sum of GBP9 million, with completion on 8 November 2016.

The property is located in a prime position in Hanley, which is the primary commercial centre of Stoke-on-Trent. It is comprised of two retail units arranged over basement, ground and three upper floors, totalling 59,358 square feet. 74% of the letting income comes from Boots Limited, with 24 years unexpired and remaining income from National Westminster Bank Plc for 12 years.

Ismail Ghandour, Chief Executive of Ace Liberty & Stone, said: "This important addition to our portfolio comes with the excellent covenants of Boots and National Westminster Bank. The purchase of 1 -5 Upper Market Square was funded partly by the over-subscribed fundraising round from existing investors of GBP3.5 million in February."

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For further information, please contact:

 
 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director       Tel: +44 (0) 20 7201 8340 
                                   http://acelibertyandstone.com 
 Alfred Henry Corporate Finance 
  Ltd, ISDX Corporate Adviser 
 Jon Isaacs / Nick Michaels            Tel: +44 (0) 20 7251 3762 
                                             www.alfredhenry.com 
 Hybridan LLP, Corporate 
  Broker 
 Claire Noyce / Darshan Patel           Tel: +44 (0)203 764 2341 
                                                www.hybridan.com 
 

Media enquiries:

 
 Abchurch Communications 
 Julian Bosdet / Rebecca   Tel: +44 (0) 20 7398 7700 
  Clube 
 ALS@abchurch-group.com       www.abchurch-group.com 
 

Notes to Editors

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Doncaster, Sunderland and Dudley. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

For more information on the Company please visit: http://acelibertyandstone.com/

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 05, 2016 02:00 ET (06:00 GMT)