Harworth Group PLC Acquisition (9774S)
December 30 2016 - 1:00AM
UK Regulatory
TIDMHWG
RNS Number : 9774S
Harworth Group PLC
30 December 2016
Harworth acquisition strengthens income portfolio
Harworth Group plc ("Harworth" or the "Company"), the brownfield
regeneration and property investment specialist, has acquired Four
Oaks Business Park ("Four Oaks") in Preston, Lancashire for GBP13.5
million as part of its strategy to strengthen its income portfolio
and expand further its presence in the North West.
Highlights
-- Harworth's freehold purchase represents a Net Initial Yield
of 8.74% and a reversionary yield of 11.39%
-- Easily accessible, Four Oaks is located 5 miles to the south
east of Preston and sits at the intersection of Junction 9 of the
M61, Junctions 29 and 30 of the M6 and Junction 2 of the M65. The
site is close to Harworth's Logistics North development in Bolton
and its recently acquired Moorland Gate Business Park in
Chorley
-- The site extends across 19.4 acres with 428,800 sq. ft of
built logistics warehousing space. There are further asset
management and development opportunities, including 0.5 acres of
potential development land for roadside uses, that the Company will
look to capture
-- Four Oaks is a multi-let investment comprising six lettings.
The estate is currently fully let and tenants include FDC
(Holdings) Ltd, Bosal Automotive and H Parkinson Haulage
-- The acquisition was wholly funded through existing cash
reserves and completion took place within six weeks of agreeing
heads of terms. It is Harworth's fourth major acquisition of
2016
Commenting on the purchase Owen Michaelson, Chief Executive
Officer, said:
"The acquisition of the well-located Four Oaks Business Park
continues the process of increasing and improving the quality of
our recurring income base whilst also providing a blend of asset
management and development opportunities to generate future value.
This is Harworth's fourth major purchase of 2016 and reinforces our
objective of replenishing our portfolio with new sites in the
regions in which we already operate."
-ENDS-
Enquiries:
Harworth Group plc T: 0114 349 3160 / 07825
860215
Iain Thomson E: ithomson@harworthgroup.com
Cardew Group T: 020 7930 0777
Emma Crawshaw/Shan Shan
Willenbrock / Emma Ruttle
About Harworth Group
Listed on the main market, Harworth Group plc is one of the
leading regeneration specialists in the UK. Harworth owns and
manages over 22,000 acres of land across 150 sites, ranging from
residential development land to commercial properties, low-carbon
energy schemes and agricultural estates.
Harworth is best known in the North West for delivering
Logistics North, the region's largest live commercial development
where 4 million sq. ft of consented space will be developed over
250 acres in Bolton and includes Aldi's North West headquarters and
distribution centre.
www.harworthgroup.com
www.logisticsnorth.com
This information is provided by RNS
The company news service from the London Stock Exchange
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