6 Apr 2017 07:00
6 April 2017
Energiser Investments plc
('Energiser' or the 'Company')
Sale of Last Home at the Kingswood Park development
Highlights
· Binding agreement exchanged for the disposal of the last unit at the Kingswood Park, Surrey residential development. Sale price in line with expectations at £725,000
· Completion of the sale expected in April 2017
· Profit share to be used to improve Energiser's balance sheet in preparation for the next acquisition
Energiser Investments plc's development partner has exchanged an unconditional contract to sell the final unit at the Kingswood Park, Surrey development. The Group's strategy at the Kingswood investment was to fund a mezzanine loan made to a development company that then built 12 residential units. This sale will enable the receipt of the balance of the Group's profit share. The sale at £725,000 is in line with expectations as announced in the February 2017 trading update and is expected to be completed by during April 2017.
The Company is working on two short-listed potential investment opportunities and continues to see significant value in investing in property operating companies such as innovative serviced apartment and self-storage businesses. The funds received from the sale will be used to improve Energiser's balance sheet in preparation for the next acquisition.
Enquiries:
Energiser Investments Plc | |
Dominic White, Chief Executive | 01494 762450 |
Nishith Malde, Director | |
Cairn Financial Advisers LLP | |
Jo Turner | 020 7213 0880 |
Sandy Jamieson |