TIDMKCR

RNS Number : 1540B

KCR Residential REIT PLC

08 January 2018

8 January 2018

KCR Residential REIT Plc

Acquisition of leasehold apartment

KCR Residential REIT plc ("KCR" or the "Company") is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited ("Osprey"), has acquired a further apartment within one of its freehold retirement residential developments. The 67-year lease of the apartment was purchased for a consideration of GBP310,000, excluding costs.

The acquisition was funded via a drawdown from the "2018 Loan" of GBP1,875,000 announced on 4 January 2018.

In line with the previous leasehold acquisitions, the apartment will be refurbished and sold subject to a new 125-year lease such that Osprey retains the freehold interest.

Dominic White, the chief executive of KCR, said: "KCR has continued to implement its investment strategy with rapid drawdown of part of the 2018 Loan, which has further demonstrated the company's ability to deploy capital quickly into its pipeline of opportunities. We will manage and invest in the freehold Osprey portfolio to improve yield generation and increase shareholder value over the long term."

Contacts:

 
 KCR Residential REIT plc           info@kcrreit.com 
  Dominic White, Chief executive     +44 20 3793 
                                     5236 
 Arden Partners plc 
  William Vandyk 
  Steve Douglas                     +44 20 7614 5917 
 Yellow Jersey PR                   +44 7747 788 
  Charles Goodwin                    221

Notes to Editors:

KCR'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 residential areas in the UK.

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQLLFLDLIIEIIT

(END) Dow Jones Newswires

January 08, 2018 02:00 ET (07:00 GMT)

Kcr Residential Reit (LSE:KCR)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Kcr Residential Reit Charts.
Kcr Residential Reit (LSE:KCR)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Kcr Residential Reit Charts.