Business
Completion of Wembley disposal and trading update
Completion of Wembley disposal and trading update.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5597R\n Panther Securities PLC\n 08 November 2021\n \n \n \n \n 8 November 2021\n \n \n Panther Securities PLC\n \n \n (the \"Company\" or the \"Group\")\n \n \n Further re Sale of Units 1-4, Fourth Way, Wembley and trading update\n \n \n Units 1-4 Fourth Way, Wembley\n \n \n Further to the announcement on 21 October 2021, the Group is pleased to announce that it has now completed the disposal of its freehold interest in Units 1-4, Fourth Way, Wembley for a total consideration of £8,700,000. The property comprises four industrial units in Wembley totalling 28,000 sq ft with a passing rent of circa £250,000 pa (Estimated Rental Value: £490,000 pa).\n \n \n The sale price represents an increase to the current book value of £8,200,000, revalued following the independent valuation by Carter Jonas (on behalf of the Group's lenders) as at 31 December 2020.\n \n \n The Group's disposal was to a wholly owned subsidiary of Infrared Capital Partners, a leading global investment manager focused on infrastructure and real estate with £12 billion of equity under management.\n \n \n £7,200,000 of the funds received by the Group following completion will be utilised to repay its revolving loans (that can be redrawn) with the balance agreed to be held within general funds.\n \n \n 29 Central Avenue, West Molesey\n \n \n We have exchanged contracts to dispose of our freehold property in 29 Central Avenue, West Molesey for £3,900,000. The property is a single industrial unit measuring 35,000 sq ft (including 1st floor offices). The disposal price is equal to the book value shown in the latest Panther Group accounts, which was also the independent valuation by Carter Jonas. \n \n \n The completion is contracted to take place within six months of exchange, with the Group continuing to benefit from the income from the tenant of £230,000 pa until completion. Our tenant has confirmed it is leaving at the expiry of its lease on 23 June 2022. \n \n \n The purchase vehicle is a shell company with no assets. It is therefore unlikely it will be treated as a disposal within the 2021 financial year due to a level of doubt regarding completion. To compensate for this, the Group insisted and received a non-refundable deposit of £195,000.\n \n \n Former Beales department store, Great Yarmouth\n \n \n We have exch...