SIPP Spec Inves Prop

TIDMSIPP

RNS Number : 2994B

Specialist Investment PropertiesPLC

15 June 2016

15 June 2016

Specialist Investment Properties plc

(the "Company" or "SIPP")

Acquisition of Property

The Company is pleased to announce a further property acquisition, being the sixth property that the Company has acquired since implementing its new investment policy in early 2016.

Secta Properties Limited ("Secta"), a subsidiary of SIPP, has exchanged on a property in Birmingham which is to be leased to Meadows Care Limited ("Meadows Care") as a children's home on a 25-year inflation linked full repair and insuring lease. Completion is due to occur on 23 June 2016. Meadows Care is a well-established children's home care operator, with over 10 years' experience. This property will be managed by Meadows Care as part of its agreement with Birmingham City Council to look after young people.

The consideration for acquisition was GBP570,000 with SIPP funding GBP216,000 and the balance coming from funds drawn under its loan facility agreement with Heritage Square Limited. The property was purchased from the private individuals, Darren Mann and Elizabeth Mann.

For further information:

Specialist Investment Properties plc

David Craine

+44 (0) 1624 626586

Allenby Capital Limited (Nomad and Broker to the Company)

Simon Clements / David Worlidge / James Thomas

+44 (0) 20 7167 6433

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQAKPDPBBKDNAD

(END) Dow Jones Newswires

June 15, 2016 08:55 ET (12:55 GMT)

Spec Inves Prop (LSE:SIPP)
Historical Stock Chart
From May 2024 to Jun 2024

Spec Inves Prop (LSE:SIPP)
Historical Stock Chart
From Jun 2023 to Jun 2024