DJ Ace Liberty & Stone PLC Purchase of 1-5 Upper Market Square, Hanley
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
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) Dow Jones Newswires
October 05, 2016 02:00 ET (06:00 GMT)