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DJ Ace Liberty & Stone PLC Statement re property transaction

TIDMALSP

RNS Number : 9243E

Ace Liberty & Stone PLC

24 October 2018

ACE LIBERTY AND STONE PLC

("Ace" or "the Company")

SALE OF HUME HOUSE IN LEEDS FOR GBP3.9 MILLION

Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is delighted to announce that it has completed the sale of Hume House in Leeds for a total consideration of GBP3,900,000. The property was purchased in March 2014 for GBP1,670,000.

The building has been bought by Olympian Homes, specialists in sourcing and developing mixed commercial and residential sites, who plan to develop the property into student accommodation.

Construction work started on the 37-storey building this week. The site, located on Tower House Street, will provide 752 bedrooms of purpose-built student accommodation, along with a roof terrace on the 35th floor to take advantage of the uninterrupted views across the city. At its peak Hume House will create over 300 construction jobs and will create a number of apprenticeships.

When completed it will be the tallest building in Yorkshire and North East England with a height of 114.3m and will provide 278,000 sq. ft. of accommodation.

Ace Liberty and Stone were instrumental in this development, working with the buyer to secure planning permission for the development.

Ismail Ghandour, Chief Executive Officer, commented:

"This transaction is an excellent example of the Company's investment strategy in action and shows our ability to spot value in the market and deliver healthy returns for our investors. We identified Hume House as a Government let building in a key regional gateway location with only two years' left on its lease at the time of purchase.

"Importantly we are focussed on acquiring properties that have a variety of potential uses, whether that means potential development, improvements or rental agreements. In this case the developers plan to build a much larger structure in place of the current building, which will become the largest building in the North of England. This will be a wonderful edition to Leeds, a regional hub that continues to attract investment, especially as the plan is for the building to become student accommodation, a key asset to the University, the surrounding urban area and the city as a whole."

The Directors accept responsibility for this announcement.

- Ends -

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 
                                      ------------------------------ 
 
 Belvedere Communications                  Tel: +44 (0) 20 3687 2756 
                                      ------------------------------ 
 John West 
                                      ------------------------------ 
 Kim van Beeck 
                                      ------------------------------ 
 

Notes to Editors

Ace Liberty & Stone Plc is a 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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October 24, 2018 02:00 ET (06:00 GMT)