K&C REIT PLC Disposal of 49 Cheap Street, Newbury (5800Z)
May 27 2016 - 9:00AM
UK Regulatory
TIDMKCR
RNS Number : 5800Z
K&C REIT PLC
27 May 2016
27 May 2016
K&C REIT plc
("K&C" or the "Company")
Disposal of 49 Cheap Street, Newbury, Berkshire
K&C REIT plc, the residential real estate investment trust
("REIT") group, is pleased to announce that its subsidiary,
Kensington & Chelsea REIT Limited ("K&C Ltd"), exchanged
contracts yesterday evening for the sale of 49 Cheap Street, the
last of the group's three 'non-core' properties, for a gross cash
consideration of GBP210,000. The sale is expected to complete by 24
June 2016.
49 Cheap Street is a retail premises with a first-floor flat
above that was acquired in March 2014 for GBP215,000. The property
is being sold with vacant possession and is therefore not currently
generating any rental income.
K&C Ltd acquired three properties in Berkshire, including 49
Cheap Street, to make up the initial portfolio prior to admission
of the Company's ordinary shares to trading on AIM on 3 July 2015.
As stated in the Company's Admission Document, these properties
were not intended to form a material part of the Company's ongoing
property portfolio and the directors are pleased to confirm that
the disposal of 49 Cheap Street completes the planned disposal of
these original properties. The three 'non-core' properties were in
total sold for approximately GBP55,000 more than the aggregate
purchase price, generating a profit of approximately GBP43,000.
The net proceeds of the disposal of 49 Cheap Street will be
available for general corporate purposes.
Contacts:
K&C REIT info@kandc-reit.co.uk
Tim James, Managing Director +44 (0) 7768 833
029
www.kandc-reit.co.uk
Stockdale Securities
Robert Finlay/Rose Ramsden +44 (0) 20 7601 6115
Yellow Jersey PR
Philip Ranger/Harriet Jackson +44 (0) 7768 534 641
Notes to Editors:
K&C's objective is to build a substantial residential
property portfolio that generates secure income flow for
shareholders through the acquisition of SPVs (Special Purpose
Vehicles) with inherent historical capital gains. The Directors
intend that the group will acquire, develop and manage residential
property assets in Central London and other key residential areas
in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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