Firm News
Asda Property Holdings PLC
| Release Date: |
03 April 2000 |
| Law Firm: |
Mishcon de Reya |
| Client Name: |
Asda Property Holdings PLC |
| Transaction: |
Sale of £16.4million Cheltenham Office. |
| Value: |
£16.4million |
| Firm's Key Personnel: |
Property Partner Nick Doffman assisted by Anne Sablonniere and Corporate Partner Larry Nathan |
Asda Property Holdings plc announces that on 10/2/00 it exchanged contracts with a private, investor to sell an office property in Cheltenham for El 6.4 million in cash. The 57,000 sq. ft freehold office property located on Bath Road, Cheltenham is let to Eagle Star (Leasing) Limited on a lease that expires in 2023. The building m-as developed and let by Asda Property in 1993. The rent is currently El.288 mittior. representing a net yield of 7.45%.
Patrick Ranger, Managing Director of Asda Property, said,
"I am delighted with this sale of a property for which we see limited prospects for further capital appreciation. We plan to reinvest the proceeds in property that has stronger prospects for long-term growth."
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