logo-loader
viewCircle Property PLC

Circle Property acquires office park in Maidenhead

"This acquisition is a further demonstration of Circle's successful strategy, which has driven sector-leading returns since its IPO in 2016," said John Arnold, Circle's CEO

Office workers
The well-located property is set to benefit from Crossrail

Circle Property PLC (LON: CRC), the regional offices specialist, has acquired Concorde Park, an office Park in Maidenhead for £14.6 million.

The acquisition price represents a net initial yield of 4.03% with a potential reversionary yield of 9.8% once fully let.

The 71,500 square foot (sq ft) park is currently 36.6% let to three tenants producing a combined rental income of £627,372 a year.

Circle said there is a vacant area of 45,328 sq ft with 21,346 sq ft under offer or in negotiation. The property benefits from being rebuilt in 2007 by LaSalle UK Ventures Property to a high specification including four new lifts, air conditioning and full height glazed atriums at a cost of around £7.4mln, the property firm added.

The acquisition was primarily funded by a £12.79mln drawdown from the company's recently agreed £100mln bank facility.

“We believe we can add significant value to the property using our expertise in active asset management to drive rents,” said John Arnold, the chief executive of Circle Property.

Quick facts: Circle Property PLC

Price: 205 GBX

LSE:CRC
Market: LSE
Market Cap: £58.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Circle Property PLC named herein, including the promotion by the Company of Circle Property PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Circle Property on track for 'industry-leading NAV growth'

Circle Property PLC's (LON:CRC) John Arnold tells Proactive London's Andrew Scott he's expecting growth in net asset value (NAV) per share to increase over the coming months. He adds that contracted rental income growth in the six months to the end of September 2019 rose by 7.2% to £8.2mln...

4 weeks, 1 day ago

2 min read