Ace Liberty & Stone - Statement re acquisition of properties
RNS Number : 9322Q
Ace Liberty & Stone PLC
25 February 2019
 

ACE LIBERTY AND STONE PLC

 

(''Ace'' or "the Company'')

 

ACQUISITION OF PROPERTIES IN NORTHAMPTON AND BOLTON

FOR A COMBINED CONSIDERATION IN EXCESS OF £6 MILLION

 

Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is pleased to announce that it has completed the purchase of two new properties; Frances House in Northampton for £3,630,000 and Black Horse Street in Bolton for £2,540,000.

 

Both properties are let to the Secretary of State for Communities and Local Government, who are long-term tenants and both hold an unexpired 8.4 years on their respective leases. The property in Bolton is the only Jobcentre Plus serving the Bolton North East constituency, and likewise the Northampton property is the only Jobcentre Plus servicing its local constituency, Northampton South.

 

Both properties are close to local transport; Frances House is one mile from the local rail station which provides a regular, one hour service into both London Euston and Birmingham New Street, as well as being close to a number of local bus stops. Black Horse Street is situated approximately 320 metres from Bolton's main bus and railway station where a number of bus routes alight, making numerous towns accessible including: Rochdale, Wigan, Bury, Leigh, Stockport and Blackburn

 

The property in Bolton provides an attractive Net Initial Yield of 7.00% and a low capital value of £138 per sq ft, while Northampton provides a Net Initial Yield of 6.75% and a very low capital value of £125 per sq ft.

 

Ismail Ghandour, Chief Executive Officer, commented:

 

"These acquisitions once again show our strategy in action.  Although in different regional hubs, they have very similar characteristics.  Both have blue chip government tenants with long leases and strong yields.  Furthermore, they are in attractive locations with strong repurposing opportunities.  The current political and economic uncertainty created by Brexit does not affect our business and we are able to find exciting investment opportunities with the potential for healthy investor returns.  Our strategy has served us well to date and we are more enthused than ever about the attractive investment prospects in the regional property market across the UK."

 

- ends -

 

The Directors accept responsibility for this announcement.

 

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



SP Angel Corporate Finance LLP

Broker


Abigail Wayne / Rob Rees

Tel: +44 (0)20 3470 0470

www.spangel.co.uk 



Belvedere Communications


John West

Tel: +44 (0) 20 3687 2756

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

 

 


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