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Goldmoney Inc. Announces Second Property Acquisition in the UK
Toronto, Ontario--(Newsfile Corp. - October 5, 2023) - Goldmoney Inc. (TSX: XAU) (US: XAUMF) ("Go...
About this update from Goldmoney Inc.
[{"type":"text","content":"Goldmoney Inc. Announces Second Property Acquisition in the UKToronto, Ontario--(Newsfile Corp. - October 5, 2023) - Goldmoney Inc. (TSX: XAU) (US: XAUMF) (\"Goldmoney\" or the \"Company\"), is pleased to report that further to its press release of June 13, 2023 announcing the Company's real assets investment strategy, the Company's subsidiary Goldmoney Properties Ltd. has completed its second property acquisition in the UK. On October 6, 2023, Goldmoney Properties completed the acquisition of Wales Millennium Centre Phase II, also known as BBC Hoddinott Hall and Offices in Cardiff, Wales. The asset is a landmark 62,116 square foot gross internal area (GIA) building which forms a part of the iconic Wales Millennium Centre in Cardiff Bay. Phase II comprises the world-class BBC Hoddinott Hall, home to the National Orchestra of Wales which seats up to 350 people, the Grace Williams Studio which is a state-of-the-art recording studio that can hold up to 60 people, and a 16,114 square foot Class A office building. Phase II was built in 2009 by Sir Robert McAlpine at a cost of over £18 million at the time.Goldmoney Properties has acquired the building from Aviva Investors Lime Fund for consideration of £17.2 million (approximately CAD $28.7 million) in a transaction that was financed by Barclays PLC at an loan-to-value (LTV) ratio of approximately 44%. The financing rate is a floating rate of Sterling Overnight Interbank Average (SONIA, as set by the Bank of England) + 1.85% and is non-recourse to Goldmoney Properties. The building is majority let to the British Broadcasting Corporation (BBC) under a full repairing and insurance lease producing £1.6 million (approximately CAD $2.62 million) of net rental income per annum. The remaining term on the lease is 10 years through September 2033, with uncapped annual rent increases indexed to the Retail Price Index (RPI). Following this acquisition, Goldmoney has a working capital position of approximately CAD $34 million consisting of cash, precious metals, and precious metal backed on-demand loans (unaudited). Statement from Roy Sebag, Founder and CEO of Goldmoney Inc.\"We are pleased to have acquired our second building from Aviva, one of the premier institutional property investors. The BBC Hoddinott Hall is a world-class asset where some of the most beautiful music in the ...