Secure Income REIT PLC Disposal (0356J)
March 31 2015 - 9:18AM
UK Regulatory
TIDMSIR
RNS Number : 0356J
Secure Income REIT PLC
31 March 2015
31 March 2015
Secure Income REIT Plc (the "Company")
Secure Income REIT agrees the sale of New Hall Hospital,
Salisbury for GBP49.8 million
The Board of Secure Income REIT PLC announces that it has
unconditionally exchanged contracts to sell the freehold of the New
Hall Hospital, Salisbury to clients of LaSalle Investment
Management for GBP49.8 million. The private hospital is operated by
Ramsay Health Care Ltd, Australia's largest quoted private
healthcare business with a market capitalisation of approximately
GBP7 billion and one of the world's leading acute care
providers.
The purchase price represents a net initial yield of 5.3%. The
hospital is let with 22 years unexpired and has fixed annual rental
uplifts of 2.75% or five yearly open market reviews, whichever is
the higher.
CBRE acted for Secure Income REIT PLC. Bilfinger GVA and Lewis
& Partners acted for LaSalle Investment Management.
Commenting on the transaction, Secure Income REIT PLC Chairman
Martin Moore said:
"Ramsay is one of the world's top healthcare providers and the
sale of this property to a major UK institution helps to reinforce
our firm view that healthcare is now established as a highly sought
after alternative investment asset class."
Enquiries:
Secure Income REIT Plc +44 20 7647 7647
Nick Leslau
Mike Brown
Sandy Gumm
Stifel Nicolaus Europe Limited
(Nominated Adviser) +44 20 7710 7720
David Arch
Tom Yeadon
FTI Consulting +44 20 3727 1000
Richard Sunderland
Claire Turvey
About Secure Income REIT
Secure Income REIT floated as a Real Estate Investment Trust on
the AIM segment of the London Stock Exchange in June 2014. Upon
Admission, the Company had a share price of 174p, representing a
market capitalisation of GBP293 million, which has subsequently
grown to 310p, valuing the Company at c. GBP535 million.
The Company specialises in generating long term, inflation
protected, secure income from real estate investments. Its
investment strategy is designed to satisfy investors' growing
requirements for high quality, safe, inflation protected income
flows.
At its preliminary results to 31 December 2014 the Company
reported gross assets of GBP1.63 billion and, with a weighted
average unexpired lease term of 25 years across its portfolio, all
with fixed or RPI rental uplifts, has one of the longest income
profiles in quoted property sector.
The Company's Board is chaired by Martin Moore and also
comprises three further independent Directors in Leslie Ferrar,
Jonathan Lane and Ian Marcus, as well as three members of the
Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is externally managed by Prestbury Investments LLP
which was external manager to Max Property Group plc until August
2014, when was sold to Blackstone Group.
Prestbury and Sir Tom Hunter are majority shareholders in Secure
Income REIT with 26% each.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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