CSE Cross Shr Reg S

RNS No 2336k
CITY SITE ESTATES PLC
4th August 1997


CITY SITE ESTATES PLC

Sale of Covent Garden office investment for #9.25 million and purchase of
retail portfolio of #3.3 million

City Site Estates plc has exchanged contracts to sell the freehold interest in
its 27,000 sq. ft. office investment, Page House, 39/41 Parker Street, London,
WC2 to Bishop Brook Investments Ltd at a price of #9.25 million cash.  This
property was valued as at 30 September 1996 at #9 million.

The building is let in its entirety to Michael Page Holdings Limited at a
current rent of #1,172,000 per annum under a lease expiring in April, 2010 and
subject to tenant's only break options exercisable on 24 March, 2000 and 2005.

On receipt of the proceeds of #9.25 million the Company will reinvest in
appropriate property investments when opportunities arise.

This sale is in line with the Company's declared policy of realigning its
investment portfolio and the proceeds will be utilised to realign the balance
between the retail, office and industrial sectors.

City Site represented itself on the disposal, whilst Michael Elliot & Partners
acted for the purchaser.

The Company has also completed the acquisition of a portfolio of 9 High Street
retail units let to Fosters Menswear Ltd at a price of #3.3million cash.  The
portfolio comprises properties in Aberystwyth, Andover, Aylesbury, Cannock,
Carmarthen, Haverfordwest, Holyhead, Holywell and Redruth.

The purchase proceeds were financed from the disposal of Priory/Cannon House
which was recently announced and is in line with policy previously stated.

All of the shops are let under FRI leases expiring in June 2013 and produce a
total rental income of #325,250 per annum exclusive, reflecting a net initial
yield at 9.50%.

The vendor, TEP Ltd was represented by PRICOA and Dalgleish & Co. whilst Reid
Rose Gregory acted for City Site Estates plc.

Enquiries:    Louis Goodman, Managing Director
              City Site Estates plc
Telephone:    0141 248 2534



END

Cross Shore Acquisition (LSE:CSE)
Historical Stock Chart
From May 2024 to Jun 2024

Cross Shore Acquisition (LSE:CSE)
Historical Stock Chart
From Jun 2023 to Jun 2024