Regulatory Story
Go to market news section View chart   Print
RNS

Acquisition

Released 07:00 20-Jan-2017

RNS Number : 6603U
Pacific Industrial & Log REIT PLC
20 January 2017
 

Pacific Industrial & Logistics REIT plc

("Pacific Industrial & Logistics", the "Company" or the "Group")

 

Acquisition

 

Pacific Industrial & Logistics REIT plc (AIM:PILR), a real estate investment trust focused on sub £10m lot size industrial and logistics properties, is pleased to announce that on 19 January 2017 it completed the acquisition of a site at Park Road, Holmewood Industrial Park, Holmewood, Chesterfield S42 5UT from Tangerine Confectionary Limited for a total consideration of £4.8m (the "Acquisition").

 

The Acquisition has been financed by the proceeds of the placing of 11.1 million new ordinary shares in the Company at a price of 100 pence per share announced on 9 November 2016. It will be refinanced under terms agreed with the Company's debt facility provider at a loan-to-value of 45%.

 

A new short-term lease to Tangerine Confectionery Limited has been entered into following purchase, expiring 31st May 2017 at a rent of £42,000 per month. There is a rent guarantee in place, if the building is not then re-let, with Tangerine Confectionary Limited until 31st December 2017. The acquisition is in line with the Company's investment policy and management are confident in the opportunity to re-let the site which is in a well established location with access to J29 of the M1.

 

Richard Moffitt commented: "We are delighted with this acquisition, it is a quality and well-located site that offers the Company an asset management opportunity in the short term"

 

 

For further information regarding Pacific Industrial & Logistics REIT plc please call: 

 

Pacific Industrial & Logistics REIT Plc

Richard Moffitt

 

+44 (0) 207 591 1600

finnCap - Nominated Adviser and Broker

Stuart Andrews/ Grant Bergman/ Giles Rolls -

Corporate finance

 

Christian Hobart - Corporate broking

 

 

+44 (0)20 7220 0500

 

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQUKSNRBRAAAAR
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Acquisition - RNS