Pacific Industrial & Log REIT PLC Acquisition (6603U)
January 20 2017 - 2:00AM
UK Regulatory
TIDMPILR
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 GBP10m 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 GBP4.8m (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 31(st) May 2017 at a
rent of GBP42,000 per month. There is a rent guarantee in place, if
the building is not then re-let, with Tangerine Confectionary
Limited until 31(st) 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 +44 (0) 207 591
Richard Moffitt 1600
finnCap - Nominated Adviser
and Broker
Stuart Andrews/ Grant Bergman/
Giles Rolls -
Corporate finance
Christian Hobart - Corporate +44 (0)20 7220
broking 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
(END) Dow Jones Newswires
January 20, 2017 02:00 ET (07:00 GMT)
Pacific Ind (LSE:PILR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pacific Ind (LSE:PILR)
Historical Stock Chart
From Jul 2023 to Jul 2024