KCR Residential REIT PLC Acquisition of Karlind Management Services Ltd (1567T)
July 02 2018 - 1:00AM
UK Regulatory
TIDMKCR
RNS Number : 1567T
KCR Residential REIT PLC
02 July 2018
2 July 2018
KCR Residential REIT Plc
("KCR" or "the Company")
Completed acquisition of Karlind Management Services Limited
("Karlind")
Further to the announcement on 3 April 2018, KCR Residential
REIT ("KCR") is pleased to announce that it has completed the
acquisition of the entire issued share capital of Karlind, a
company that owns 16 studio, one-and-two bedroom apartments in
Ladbroke Grove, Kensington and one leasehold two-bedroom apartment
in Harrow, for a total consideration of GBP5.35 million. KCR will
satisfy the consideration through its banking facilities and cash
reserves.
KCR intends to deploy its proven active management skills to
increase property values and rental yield through internal
refurbishment and by obtaining planning consent for roof and rear
extensions to the Kensington properties.
The apartments, which are fully let, are situated in desirable
locations for tenants given the close proximity to transport links
and local retail and leisure amenities. The portfolio has a total
rental income of over GBP0.25 million, and delivers a gross annual
yield on consideration of 4.8 per cent. The average unit value of
the acquired properties is GBP314,700 and the average monthly rent
is approximately GBP1,250 (GBP32 per sq. ft. per annum).
Dominic White, the chief executive of KCR, commented:
"This important acquisition fits perfectly within KCR's
acquisition and growth strategy and will significantly increase the
Company's net asset value per share. We are confident that we can
further grow property value and rental yields through active
management and our planned refurbishments."
Contacts:
KCR Residential REIT plc info@kcrreit.com
Dominic White, Chief executive +44 20 3793 5236
www.kcrreit.com
Arden Partners plc
Steve Douglas
Benjamin Cryer +44 20 7614 5917
Yellow Jersey PR
Charles Goodwin +44 7747 788 221
Abena Affum +44 7555 159 808
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.
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END
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