RNS Number : 7958E Max Property Group PLC 30 December 2009
Max Property Group Plc
Property Disposal
Max Property Group Plc ("MPG") today announces that it has exchanged contracts for the sale of Southwood
Business Park to Scottish Widows and Centurion Properties for £16.5m. The property, located in Farnborough,
comprises a 152,000 sq. ft high office content industrial estate built in the late 1980s, producing a gross rental of £1.696m p.a. and will be managed by Centurion as part of the pair's Active Industrial Portfolio joint venture.
The sale price represents a profit to MPG of £1.8m over its September valuation. Net of debt repayment, £7.8m of cash will be released for new acquisitions.
Mike Brown of Prestbury Investments LLP, external asset manager for MPG, commented:
"Southwood Business Park is an institutional grade asset. However, at £130 per sq. ft, capital value it is not a natural fit with the remainder of the Industrious portfolio which comprises higher yielding assets averaging just £30 per sq. ft capital value. Scottish Widows and Centurion Properties approached us recently and should be congratulated for the speed with which they carried out this transaction."
30 December 2009
ENQUIRIES:
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Prestbury Investments LLP
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Tel: 0779 962 1238
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Mike Brown
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College Hill
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Tel: 020 7457 2020
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Gareth David
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Morgan Stanley (NOMAD)
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Tel: 020 7425 8000
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Jonathan Lane
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Mark Brooker
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