Artisan (UK) PLC
8 March 2001
ARTISAN (UK) SELLS SELECTED COMMERCIAL PROPERTIES FOR £3.1MILLION IN CASH
Artisan (UK) plc, the AIM-listed property development and construction group,
announces that it has exchanged contracts with a private property investment
company for the sale of certain properties from its commercial property
portfolio for £3.1million in cash, and that it is currently in negotiations
for the sale of a further tranche of similar properties for an agreed sum of
£1 million in cash.
Comprising a mixture of office premises and retail units located in Newcastle
upon Tyne city centre, the properties disposed of, together with those
currently under negotiation, represent the larger part of the portfolio of
similar properties assembled by Artisan (UK) twelve months ago with the
objective of improving its rental income stream. Having achieved this
objective Artisan (UK) placed the properties on the market through King Sturge
in Leeds on a joint instruction with Barker Storey Matthews in Huntingdon.
Commenting on the sale, Mr Stephen Dean, Chairman of Artisan (UK) plc, said:
'The proceeds from the disposal of these particular properties will release
additional funds for the Group's acquisition programme, in line with its
stated policy of expanding its property development activities'.
Enquiries:
Artisan (UK) plc 01480 436 666
Stephen Dean, Chairman
Chris Musselle, Finance Director
Martin Freeman, Development Director
Boswell City Financial PR Limited 0207 583 2001
Rodney Johnson