Ace Liberty & Stone Plc

October 19, 2010 06:44 ET

Property Investment Update


The directors of Ace Liberty & Stone Plc ("Ace", the "company") are pleased to announce that, after a
thorough review of the properties currently available on the market, the Company has invested in a two good
quality, modern, freehold office properties, New Bank House and Sovereign House, in a central position in
Sheffield with a combined floor area in excess of 70,000 sq ft.

The  investment has been made by way of a consortium with two other partners. Ace has a 70% interest in the
special purpose vehicle ("SPV") used for the acquisition and the right to nominate a majority of the  board
of  directors in the SPV.  The purchase, which was completed on 13th October, was at a cost of GBP2.52m and
has  been partly financed with a loan of GBP1.46m secured on the property and the personal guarantee  of  a
director of the SPV.

Ace has invested GBP573,000 of its cash resources and has committed to lend up to a further GBP250,000.

Gross  annual rents currently total approximately GBP600,000, with potential for an increase on  completion
of the refurbishment of three suites which are currently vacant.

The  directors believe these properties are high class assets which will provide the Company  with  a  good
short term income and the prospect of long term capital growth.

The  directors  are  continually  monitoring  the  property  market  and  will  continue  to  seek  further
opportunities  to  acquire properties which meet the Company's objectives of growth and  income  with  good

The Directors of the Issuer accept responsibility for the contents of this announcement.


Mark Eichhorn, Director
Ace Liberty & Stone Plc
Tel:  020 7201 8340

Jon Isaacs
Alfred Henry Corporate Finance Limited
Tel:  020 7251 3762

Contact Information

  • Ace Liberty & Stone Plc