19 November 2015
Ace Liberty & Stone Plc
('' Ace'' or the ''Company'')
Sale of Telephone House, Sheffield
Ace Liberty & Stone Plc (ISDX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is pleased to announce that Radcliff Property Limited ("Radcliff"), an associate company in which Ace has a 38% shareholding, has completed the sale of a long leasehold interest in retail units one and two and the car park of Telephone House, Sheffield for a sum of £4 million.
This is following the sale of the Tower and units three and four of Telephone House for £4.1 million announced 13 March 2014. Ace is expected to receive £2.2 million from the transaction and a total profit of £456,000 on the investment originally made in Telephone house, which will be used to fund future acquisitions.
Ivan Minter, Finance Director of Ace Liberty & Stone commented: "This sale completes the successful transition from purchase to profit of Telephone House. Ace Liberty & Stone actively seeks investment opportunities that deliver a steady and reliable return in commercial property across the UK and this sale demonstrates our expertise in identifying the right properties at the right time. Our increasing portfolio exhibits the diverse locations and tenants of our properties, highlighting the vast scope for investment going forward."
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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/