DJ Ace Liberty & Stone PLC Statement re property transaction
RNS Number : 7657B
Ace Liberty & Stone PLC
25 September 2018
25 September 2018
Ace Liberty and Stone Plc
("Ace" or "the Company")
The directors of Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, are delighted to announce the following property transaction.
The Company has exchanged unconditional contracts for the purchase of Mecca Bingo Hall, Chesterfield for GBP3,999,000. The tenant, part of Rank Organisation, has signed a new 10-year lease from 31 August 2018 at an annual rent of GBP300,844.
Ivan Minter, Chief Financial Officer, commented "This purchase has been financed from the Group's strong cash flow and emphasises the benefit now being derived from recent growth in the portfolio".
The Directors accept responsibility for this announcement.
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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, NEX Exchange Corporate Adviser Jon Isaacs / Nick Michaels Tel: +44 (0) 20 3772 0021 www.alfredhenry.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, Sunderland, Plymouth, Dudley, Gateshead, Barnstaple, and London. The Company locates commercial and residential 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 www.acelibertyandstone.com
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(END) Dow Jones Newswires
September 25, 2018 02:02 ET (06:02 GMT)