Circle Property agrees sales of two assets
By Josh White
Date: Thursday 22 Dec 2022
(Sharecast News) - Circle Property announced on Thursday that, in line with its disposal strategy, it has exchanged contracts on the sale of 36 Great Charles Street in Birmingham, and has also exchanged and simultaneously completed the sale of 710 Aztec West in Bristol.
The AIM-traded firm said it exchanged contracts on the sale of 36 Great Charles Street to Posthandle for £3.66m.
"36 Great Charles Street comprises a semi-detached seven storey office building that was acquired by the group in September 2015 for £2.5m," the board said in its statement.
Profit before tax for the year ended 31 March attributable to 36 Great Charles Street was £0.15m.
"The sale price represents a 29.6% decrease on the 31 March valuation of £5.2m," Circle Property added, saying that completion was expected in mid-January.
At the same time, it said it had exchanged and simultaneously completed the sale of 710 Aztec West to Harwood Business Parks Investment for £2.3m.
"710 Aztec West comprises an office building in Bristol's premier out-of-town business park," the directors said.
"The group acquired 710 Aztec West together with 720 Aztec West in March 2018 for a combined consideration of £4.2m."
Circle Property had already disposed of 720 Aztec West, as it announced on 12 May.
Profit before tax for the year ended 31 March attributable to 710 Aztec West was £0.21m.
The sale price represented a 10.7% decrease on the 31 March valuation of £2.6m.
"The net proceeds from the disposals, following completion, will be held as group cash and the board expects that a minimum of two returns of capital will be made to shareholders, the first of which is expected to occur in the first quarter of 2023."
At 1005 GMT, shares in Circle Property were flat at 215p.
Reporting by Josh White for Sharecast.com.
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