17:00 Fri 09 Aug 2019
Circle Property PLC - Acquisition of Concorde Park, Maidenhead
("Circle" or the "Company")
Circle acquires Maidenhead office park for
The 71,500 sq ft park is currently 36.6% let to three tenants producing a combined rental income of
The acquisition of this well-located property, which is set to benefit from Crossrail, was primarily funded by a
"We are pleased to have completed this acquisition of
ENDS
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
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+44 (0)207 930 8503 |
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Cenkos Securities |
+44 (0)207 397 8900 |
Azhic Basirov |
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+44 (0)203 897 1830 |
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Camarco |
+44 (0)203 757 4980 |
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About
Circle is the best performing quoted
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with total estimated rental values post today's acquisition of
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