08 April 2019
KCR Residential REIT Plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce that its investment in a new build development at Deanery Court, Chapel Riverside, Southampton is now fully let.
Deanery Court is a new build apartment block consisting of 27 two-bedroom apartments and 28 dedicated car parking spaces. It is located on the waterfront in a prominent location on the west bank of the River Itchen, within walking distance of Ocean Village and the city centre.
The current rental income of £345,400 pa is approximately 25 per cent higher than forecast in the acquisition announcement the Company made last year. The gross yield on the price paid for the acquisition is 5.9 per cent.
Dominic White, Chief Executive, commented: "KCR's Chapel Riverside investment in Southampton has exceeded our expectations by a significant margin and is generating substantial positive cash flow for the company. We expect to make further investments in the short term."
For further information, please contact:
|KCR Residential REIT plc
Dominic White, Chief Executive
+44 20 3793 5236
|Arden Partners plc
Tom Price / Benjamin Cryer
|+44 20 7614 5917|
Notes to Editors:
KCR's objective is to build a substantial low-to-mid-priced residential property portfolio that generates both secure income flow and increasing net asset value for shareholders. KCR acquires blocks of studio, one-and two-bed apartments that are close to transport links, shopping and leisure.