Glenstone REIT plc absorbs The Clifford Property Company Ltd

November 10, 2023

Glenstone has acquired 100-year-old Clifford Property in an NAV for NAV all paper share purchase.

The Clifford portfolio, totalling £12.3m consists of mixed-use assets based in the Southeast of England. Approximately 75% by capital value is located inside the M25 motorway which provides further diversification to Glenstone’s existing portfolio.  The gross running yield of Clifford’s portfolio (6.75%) mirrors that of Glenstone’s. As part of the transaction Glenstone has also acquired a cash balance of circa £1.4m. The approximate value of the deal totals £13.5m.

Clifford Property traces its roots back 100 years with the name first deriving from Clifford Street in Mayfair.

Glenstone Managing Director, Ben Green, comments, “We are thrilled to welcome Clifford to Glenstone. Our existing shareholder base and Clifford’s are aligned in their investment approach and core values. Clifford have invested prudently and join the group carrying no existing debt. This transaction illustrates the huge benefits of private property companies taking corporate paper into our REIT structure. Our ambitions remain to grow Glenstone whilst maintaining an accessible Board and structure for all shareholders.”

Following the completion of the transaction the Glenstone group will now have a combined net asset value of circa £135m.

Latest News

Despite the slowdown in the residential construction market, RED Company and Redevco are proud to break ground on The BaanTower in Rotterdam

December 4, 2023 - 11:04

On Monday, November 27, the ground-breaking ceremony marked the start of construction for The BaanTower in Rotterdam. The tower will house 427 rental apartments, with 30% falling within the affordable[...]

+ Read More

KLM REAL ESTATE PROMOTES JACK HESKETH TO PARTNER

December 4, 2023 - 11:00

KLM Real Estate has promoted Jack Hesketh to Partner. Jack has been with the business since 2016, working in its retail agency division primarily advising international retail brands and key landlord [...]

+ Read More

THE MALL LUTON TO BE REBRANDED BY NEW OWNERSHIP TEAM

November 14, 2023 - 10:23

Frasers Group, the new owners of Luton’s main shopping destination, The Mall, have announced plans to rebrand the centre as “Luton Point’ to reflect its unique position in the heart of the town.[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR