Wynnstay Properties PLC Disposal (8838P)
February 22 2021 - 5:45AM
UK Regulatory
TIDMWSP
RNS Number : 8838P
Wynnstay Properties PLC
22 February 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this information is considered to be in the public
domain.
WYNNSTAY PROPERTIES PLC
("Wynnstay" or the "Company")
Disposal
22 February 2021
Wynnstay is pleased to announce that it has today simultaneously
exchanged contracts and completed the sale of Oakcroft Business
Centre, Chessington, KT9 1RH ("the Property") for a cash
consideration of GBP3.225 million. The purchaser is Campus Overseas
Corp. (a company incorporated and registered in the British Virgin
Islands) .
The Property comprises three modern light industrial units
totalling approximately 15,248 square feet, one of the units being
let to Thales Properties Limited until 24 June 2021 at a rent of
GBP70,300 per annum and the other two units being sold with full
vacant possession.
For the year ended 25 March 2020, the aggregate gross income
received by Wynnstay from the Property was GBP150,500 and, as at 25
March 2020, the book value of the Property in Wynnstay's accounts
was GBP2.12 million. The sale will thus result in a profit over
book value to Wynnstay of GBP1.105 million, before sale costs and
taxation. In addition, the sale will enable the Company to release
a provision of GBP122,000 being held in its accounts for repairs to
the Property prior to reletting, representing the dilapidations
payment received from the former tenants in lieu of repairs and
reinstatement works required to be carried out by them at the end
of their leases.
Both the sale and the release of the provision for repairs will
be reflected in the accounts for the full year to 25 March 2021,
which are expected to be published in mid-June 2021.
The funds received from the sale will be used to reduce
borrowings in the short-term and subsequently to fund planned
developments and expand the portfolio.
The disposal constitutes a Substantial Transaction under the AIM
Rules.
Commenting on the transaction Philip Collins, Chairman of
Wynnstay, said:
"We are delighted that this transaction has been completed
successfully. This is an excellent outcome for Wynnstay and its
shareholders which, other things being equal, will have a
significant positive impact on the financial results, including
profits and net asset value, for the full year ending 25 March
2021."
For further information please contact:
Wynnstay Properties PLC:
Philip Collins, Chairman 020 7554 8766
Panmure Gordon (UK) Limited (Nominated Adviser and Broker):
Alina Vaskina/Sandy Clark
020 7886 2500
LEI number: 2138006MASI24JYW5076
For more information on Wynnstay, visit
www.wynnstayproperties.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISFZGZZGZNGMZM
(END) Dow Jones Newswires
February 22, 2021 05:45 ET (10:45 GMT)
Wynnstay Properties (AQSE:WSP.GB)
Historical Stock Chart
From Jul 2024 to Aug 2024
Wynnstay Properties (AQSE:WSP.GB)
Historical Stock Chart
From Aug 2023 to Aug 2024