Business
Acquisition and Trading Update
Acquisition and Trading Update.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n30 November 2017\n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n\nPanther Securities PLC\n\n(the “Companyâ€)\n\nAcquisition of Britannia Shopping Centre and Trading Update\n\nPurchase of Britannia Shopping Centre, Hinckley \n\nPanther is pleased to announce that it has today completed the acquisition of the Britannia Shopping Centre (the “Centreâ€), a freehold shopping centre in a prime position in Hinckley, Leicestershire.\n\nHinckley is a busy, vibrant market town located approximately 13 miles south west of Leicester. The Centre comprises 16 retail units arranged over ground and first floors totalling c. 82,000 sq. ft. on a site of two acres.\n\nThe Centre is the town’s only covered shopping mall together with the town’s principal shoppers’ car park, boasting 272 parking spaces which is leased to National Car Parks (NCP) on a long lease. The majority of occupiers are national brands including Wilkinson’s, Peacocks, Boots, Greggs, Card Factory, Claire’s Accessories and Poundworld amongst others. Annual footfall in the centre in 2016 was 2,850,755.\n\nThe freehold was purchased for £5,331,000 plus £256,000 stamp duty, and it has a gross rental income of £908,181 pa and net rental income of £737,183 pa, representing a net initial annual yield of 13.83%. Nearly 37% of income is secured from Wilkinson’s and NCP.\n\nThe Board believes that there are several opportunities to further improve the income at the Centre by letting the only vacant unit and more efficient management of the service charge.\n\nDisposal of Holloway Head, Birmingham \n\nIn our interim accounts for six months ended 30 June 2017 we reported on our conditional disposal of the above site with planning permission for a consideration £11,000,000 with a delayed completion. We received a non-refundable deposit of £1,020,000 and this disposal was due to complete in early December 2017.\n\nThe contract has been extended, with the purchaser now seeking to complete at the beginning of March 2018. For this extension we have recently rece...