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Acquisition of three leasehold apartments

12 July 2017

K&C REIT plc is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited, has acquired three apartments within one of its freehold retirement residential developments. The 67-year leases of the three apartments were purchased for a total consideration of £935,000, excluding costs, using the proceeds of the £1.35 million of loan notes announced on Monday 10 July. Following acquisition, the units will be refurbished and added to K&C's portfolio of rental properties.

Dominic White, the chief executive of K&C, said, "These transactions demonstrate K&C's ability to act quickly to acquire high-quality residential assets from its pipeline of opportunities that will improve the overall portfolio income yield, and generate immediate and long-term value for shareholders".

 

Contacts:

K&C REIT
Dominic White, Chief executive
Tim James, Property director
info@kandc-reit.co.uk
+44 20 3793 5236
+44 7768 833 029
Arden Partners plc
William Vandyk
Steve Douglas
+44 20 7614 5917
Yellow Jersey PR
Charles Goodwin
+44 7747 788 221

 

Notes to editors:

K&C's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of SPVs (Special Purpose Vehicles) with inherent historical capital gains. The Directors intend that the group will acquire, develop and manage residential property assets primarily within the M25 as well as in other key residential areas in the UK.

 

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