08 January 2018
KCR Residential REIT plc ("KCR" or the "Company") is pleased to announce that its wholly owned subsidiary, K&C (Osprey) Limited ("Osprey"), has acquired a further apartment within one of its freehold retirement residential developments. The 67-year lease of the apartment was purchased for a consideration of £310,000, excluding costs.
The acquisition was funded via a drawdown from the "2018 Loan" of £1,875,000 announced on 4 January 2018.
In line with the previous leasehold acquisitions, the apartment will be refurbished and sold subject to a new 125-year lease such that Osprey retains the freehold interest.
Dominic White, the chief executive of KCR, said: "KCR has continued to implement its investment strategy with rapid drawdown of part of the 2018 Loan, which has further demonstrated the company's ability to deploy capital quickly into its pipeline of opportunities. We will manage and invest in the freehold Osprey portfolio to improve yield generation and increase shareholder value over the long term."
For further information, please contact:
|KCR Residential REIT plc||[email protected]|
|Dominic White, Chief executive||+44 20 3793 5236|
|Arden Partners plc||+44 20 7614 5917|
|William Vandyk / Steve Douglas|
|Yellow Jersey PR||+44 7747 788 221|
Notes to editors:
KCR'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 in residential areas in the UK.