Circle Property PLC Agreement of new lease with Compass Group (4503L)
October 03 2016 - 1:00AM
UK Regulatory
TIDMCRC
RNS Number : 4503L
Circle Property PLC
03 October 2016
Circle Property Plc
("Circle" or the "Company")
Agreement of new lease with Compass Group in Milton Keynes
3 October 2016 - Circle Property Plc, a specialist regional UK
property investment, development and management company, today
announces the agreement of a new lease to Compass Group UK and
Ireland ("Compass Group") at the Kent's Hill Conference Centre in
Milton Keynes.
Compass Group have surrendered their existing lease to Circle,
which was signed in 2013 for 10 years and have entered into a new
longer lease on a rising rent commencing at GBP1,500,428 per
annum.
Compass have run the residential conference centre at Kent Hill
Park for almost 20 years and host conferences for many national
companies. The Conference Centre immediately adjoins the Kents Hill
Business Park which Circle are developing and will extend to almost
90,000 of Grade A offices which are being marketed by Lambert Smith
Hampton and Louch Shacklock at GBP18.50 p.s.f.
John Arnold, CEO of Circle Property Plc "Compass now have a
sufficiently long lease to allow them to invest with confidence in
the Centre and so ensure that it remains one of the premier
residential conference centres in the country. Kents Hill Park
represents a significant share of our portfolio, and the value of
the Compass covenant and longer lease will be reflected in Circle's
half year results which will be reported in November."
+44 (0)20 3727
FTI Consulting 1000
Giles Barrie
Richard Sunderland
Clare Glynn
This information is provided by RNS
The company news service from the London Stock Exchange
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