9 December 2014
Ace Liberty & Stone plc
(''Ace '' or "the Company'')
Ace Liberty & Stone Plc (ISDX: ASLP), the specialist real estate company, capitalising on commercial property investment opportunities across the UK, today announces further additions to the Company's portfolio with the purchase of Fawcett House, 28 - 33A Fawcett Street & 30 - 32 John Street , Sunderland. The property is prominently located in the heart of the Sunderland city centre, a city with excellent road and rail communications and a borough population of approximately 284,000.
Fawcett House is a multi-let building with 94% of the rental income coming from excellent financially covenanted tenants including the Council of the City of Sunderland, JD Weatherspoon, A.R.D Leisure Limited, and Northern Electrical PLC. It consists of 77,000 square feet of office space over basement, ground and three upper floors. The property is widely accessed by the Sunderland community and will be in close proximity to the new Sunderland College City Campus, expected to be completed by spring 2016. The 11,500 square metre campus will accommodate up to 2,000 students and over 120 staff. The College will attract students across the region and will contribute to boosting the local economy.
Ismail Ghandour, Chief Executive of Ace Liberty & Stone, commented: "Ace is delighted to have successfully acquired Fawcett House, another valuable addition to our portfolio. We are confident that our proven hands-on asset management strategy will help us create the best possible value for the property. We will be working closely with our tenants to improve and further develop the building to best capture the opportunities brought by the on-going regeneration of the Sunderland city centre."
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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 Sheffield, Leeds, Doncaster and Stoke. 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/