Ace Liberty & Stone - Acquisition of Radcliff Property Limited
RNS Number : 7951M
Ace Liberty & Stone PLC
25 January 2016
 

 

 

 

Press Release

25 January 2016

 

Ace Liberty & Stone Plc

 

('' Ace'' or the ''Company'')

 

Acquisition of Radcliff Property Limited

 

Ace Liberty & Stone Plc (ISDX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, today announces the buyout of Fineous Limited's 62% holding in Radcliff Property Limited ("Radcliff") for £1,235,000.  This transaction will result in a 100% ownership of Radcliff by Ace. 

 

As announced on 19 November 2015, Radcliff has completed the sale of the remaining parts of Telephone House for a sum of £4 million, following the sale of the Tower and units three and four of Telephone House announced 13 March 2014. 

 

As a result of its acquisition of Radcliff with its existing net assets, Ace will receive the full proceeds from an expected negotiated settlement of the dilapidations claim on a former tenant of the Telephone House Tower, sold on 13 March 2014.  The claim is currently being negotiated.

 

Ace has received £2.8 million proceeds from the sale of the remaining parts of Telephone House last month.

 

- 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, 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

 

Quincy Allan / Canace Wong

Tel: +44 (0) 20 7398 7700

quincy.allan@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.

 

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions price increases have started with the smaller properties, and are spreading towards larger properties.

 

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/ 

 

 


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