09 November 2018
KCR Residential REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its Annual Results for the year ended 30 June 2018. A copy of the annual report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kandc-reit.co.uk.
The full results are available to
Acquisitions during the period
Post-period-end, KCR raised £3.1 million through a placing of £901,500 in cash, conversion of £650,000 of convertible loan notes into equity, conversion of a creditor into equity and the payment in shares for a property acquisition from Inland Homes plc (£1.26 million). KCR issued 4,434,570 shares at 70p.
Dominic White, Chief Executive of KCR said: "The Company has made solid progress in scaling the business in 2018, whilst also adding both rental and capital value to its portfolio. The strategic partnership with Inland Homes is also bearing fruit, with two acquisitions completed since joining forces in May and further opportunities through Inland being analysed.
"We continue to examine potential acquisitions that will build value and revenue, with one currently in the latter stages of negotiation. At the same time, we will augment rental income significantly during 2019, having increased the number of rental units and upgraded properties. The Board is encouraged by the recent achievements and looks forward to reporting on further positive developments in the coming months."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Dominic White, Chief executive
+44 20 3793 5236
|Arden Partners plc
Steve Douglas / Tom Price / Ben Cryer
|+44 20 7614 5917|
|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 Central London and other key residential areas in the UK.