MTVW Mountview Estates Plc

RNS Number:5199K
Mountview Estates PLC
21 December 2007


Mountview Estates P.L.C. ('Mountview' or 'the Company')


Acquisition of residential property portfolio



The Board of Mountview announces that the Company has acquired a mixed portfolio
of residential properties from Holloways Properties Limited for an aggregate
cash consideration of between �43.25 million and �43.81 million.


The portfolio comprises 128 buildings arranged to provide 25 houses and 209
self-contained flats in Earlsfield, South West London; the 25 houses are subject
to regulated tenancies; the 209 flats comprise 116 that have been sold on long
leases, 66 that are subject to regulated tenancies, 1 that is subject to a life
tenancy, 14 that are subject to assured shorthold tenancies, 2 that are subject
to assured tenancies and 10 that are currently vacant. The portfolio currently
generates gross rental income of about �880,000.00. The properties will be
classified as trading stock and held as current assets on Mountview's balance
sheet.


The aggregate consideration, which is funded from a combination of existing and
additional borrowing facilities is payable as to �4.32 million immediately, as
to �38.93 million on 31 January or 1 February 2008 and as to the balance, if
any, upon confirmation by individual leaseholders of whether or not they intend
to exercise their right to acquire the freehold interest in the properties
occupied by them.


The portfolio acquisition is consistent with the Company's long term strategy to
generate shareholder value by acquiring tenanted properties and selling them
when they become vacant.



Enquiries:


Brewin Dolphin Limited:


Sandy Fraser: Tel: 0131 225 2566



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

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