Circle Property disposes of 135 Aztec West property for £3.96m
By Iain Gilbert
Date: Friday 03 Sep 2021
(Sharecast News) - Real estate investor Circle Property said on Friday that it had disposed of its 135 Aztec West asset in Bristol to Assure Aspire for £3.96m.
Circle Property stated the sale price represented a 156% increase before refurbishment costs, or 62% post-refurbishment, on the property's 31 March valuation of £1.55m.
The building was refurbished in the first half of 2021 at a cost of approximately £2.17m, less tenant contributions of £725,000, resulting in a net cost to the Company of £1.45m.
The AIM-listed firm said cash proceeds from the sale would be utilised to reduce the company's gearing from its current level.
As of 0920 BST, Circle Property shares were down 2.44% at 200.0p.
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