25 May 2012

Conygar makes £40m acquisition

19/12/2011 Robert Tyerman

Property group Conygar Investment (CIC) has bought nine commercial properties for £39.9 million on a 10.56 per cent initial yield.

The AIM-quoted company has purchased the freehold and long leasehold properties for cash out of its own resources and facilities from a consortium including Edinmore Group, owned by the Cayzer family's Caledonia investment vehicle, and Bucleuch Property.

Robert Ware, Conygar's chief executive, says the company hopes to increase the yield to more than 11 per cent as individiual contracts come to be extended. Norfolk House, with 115,000 sq ft of office and retail space near the new Pallisades shopping centre next to the Bull Ring in Birmingham and a current rental income of £949,533, represents some 26 per cent of the new portfolio.

It also includes Ashby Park at Ashby de la Zouch, with £1 million annual rental income from three commercial tenants with an average 4.96 years still to run on the leases as well as a three-acre development site, and a former factory turned into three freehold office blocks at Witham Park House in Lincoln, mostly let to Lincolnshire County Council and currently yielding rental income of £585,000. Other properties are in Scotland, the north west and midlands.

Shares in Conygar, which still has £20 million of undrawn facilities after this deal, have edged up by 1.38p so far today to 100p, against a year's high of 120p and a low of 92.63p

Tags: Acquisitions, AIM market, Property group, Robert Ware

Sector: Real Estate

Companies: Conygar Investment

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