Dukemount Capital PLC 1st Acquisition with Alpha Real Capital Agreement (3537L)
December 24 2018 - 1:00AM
UK Regulatory
TIDMDKE
RNS Number : 3537L
Dukemount Capital PLC
24 December 2018
Dukemount Capital Plc
("Dukemount" or the "Company")
Agreement on First Acquisition with Alpha Real Capital
Dukemount Capital plc, the long-dated income provider and
property management company is pleased to announce that it has
forward-funded and pre-sold the first project (West Derby) to a
segregated mandate limited partnership managed by Alpha Real
Capital. This will result in the limited partnership acquiring the
building, providing the financing for the redevelopment and paying
a premium to Dukemount upon practical completion. The first stage
of the process will result in a payment to Dukemount of GBP570,000
for the enhanced value of the site and the preliminary costs. The
total funding package from Alpha for the complete development is
GBP3 million.
The West Derby project involves the demolition of a large
existing building and the development of a purpose-built structure
with 17 apartments for the supported living sector and 3,200 square
feet of retail space.
Dukemount Capital will be responsible for the management and
development of the property to the exacting requirements of the
supported living housing association and care provider, in
accordance with the terms of the 50-year lease they have signed on
the property.
Alpha Real Capital is an investment services group with more
than GBP2bn of assets under management and focused on income
security from real assets. The group invests in asset-backed income
from real estate, infrastructure and lending with an emphasis on
long income and inflation protection. More information is available
at https://alpharealcapital.com/
Dukemount Executive Chairman Geoffrey Dart said, "We are
delighted to be working with Alpha whose professionalism and
commitment, has enabled us to reach this agreement which we
consider to be extremely beneficial to both parties, in this deal
and in the future . A roadmap has been created which we expect will
achieve a smoother timescale for future acquisition and development
completions. Our pipeline for 2019 is currently looking very
promising and I look forward to updating investors as opportunities
arrive."
Architect plans can be viewed on our website at:
http://dukemountcapitalplc.com/media.php
Market Abuse Regulation (MAR) disclosure
Certain statements in this announcement contain inside
information for the purpose of Article 7 of EU Regulation
596/2014.
For further information, please contact:
Walbrook PR (Media Tel: +44 (0) 207 933 8780
and Investor Enquiries
Paul Cornelius / dukemountcapital@walbrookpr.com
Gary Middleton
Optiva Securities Tel: +44 (0) 203 137 1906
Ltd
Christian Dennis
- Corporate Broker
Jeremy King - Corporate
Broker
Peterhouse Corporate Tel: +44 (0) 207 469 0930
Finance Limited
Lucy Williams/Duncan
Vasey
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END
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