04 November 2015
K&C REIT plc, the residential real estate investment trust ("REIT") group, is pleased to announce that the Company has exchanged contracts for the disposal of its property at 10 Glebelands in Thatcham, Berkshire ("10 Glebelands"). 10 Glebelands is a two-bedroom house and has been sold on the open market for a total cash consideration of £240,000. The sale is expected to complete on 6 November 2015. Until it became vacant in July 2015, 10 Glebelands provided a gross monthly rental income of £850 to the Company.
The net proceeds of the sale will be used to repay part of the 7 March Loan Notes and 14 March Loan Notes issued by the Company (and as defined and described in its AIM Admission Document dated 30 June 2015) on a pro-rata basis, as agreed with the loan note holders on 25 June 2015.
K&C REIT acquired three properties in Berkshire, including 10 Glebelands, to make up its initial portfolio prior to admission of its ordinary shares to trading on AIM on 3 July 2015. As stated in the Company's AIM Admission Document, these properties were not intended to form a material part of the Company's property portfolio and the Directors of K&C REIT intend to sell the remaining two properties should an appropriate opportunity arise.
|K&C REIT plc||[email protected]|
|George Rolls, Chief Executive||+44 (0) 7768 534 641|
|Tim James, Property Director||www.kandc-reit.co.uk|
|Allenby Capital Limited|
|Jeremy Porter/James Reeve||+44 20 3328 5656|
|Yellow Jersey PR||+44 (0) 7768 534641|
|Philip Ranger/Dominic Barretto|
Notes to editors:
K&C REIT's objective is to build a substantial residential property portfolio that generates secure income flow for shareholders through the acquisition of property-owning SPVs (Special Purpose Vehicles). The Directors intend that the group will acquire, develop and manage residential property assets in Central London and other key residential areas in the UK.