16 May 2024
THE CONYGAR INVESTMENT COMPANY PLC
Purchase of the long-leasehold interest of the Virgin Active gym site
at The Island Quarter, Nottingham
The Conygar Investment Company PLC ('Conygar') has completed the purchase of the long-leasehold interest of the site occupied by Virgin Active gym, located on The Great Northern Close at The Island Quarter, Nottingham ("TIQ"). The freehold of the site is already owned by Conygar, with the leasehold purchased from Wood Pension fund (the "Vendor").
The purchase, which enables the better control of our arrangements for this and the adjoining site at TIQ, was subject to signing a new direct 25-year lease with Virgin Active at a rent of £600,000 per annum with a 12-month rent free period spread across the first 24 months. This will replace the rent received by Conygar from the long-leasehold, which amounted to 10% of the rent previously received by the Vendor from Virgin Active.
The purchase price of £5.9 million was funded by way of a drawdown of the second and final £7 million tranche of the existing debt facility with ASK Partners Ltd. The surplus funds received over the purchase price and associated fees will be applied in the further progression of TIQ.
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
David Baldwin: 020 7258 8670
Liberum Capital Limited (Nominated Adviser and Broker)
Richard Lindley, Jamie Richards, Will King: 020 3100 2000
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
Sam Livingstone: 07769 655437