MEDIA

Trading update on residential rental investment in Southampton

08 April 2019

KCR Residential REIT Plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce that its investment in a new build development at Deanery Court, Chapel Riverside, Southampton is now fully let.

Deanery Court is a new build apartment block consisting of 27 two-bedroom apartments and 28 dedicated car parking spaces. It is located on the waterfront in a prominent location on the west bank of the River Itchen, within walking distance of Ocean Village and the city centre.

The current rental income of £345,400 pa is approximately 25 per cent higher than forecast in the acquisition announcement the Company made last year. ┬áThe gross yield on the price paid for the acquisition is 5.9 per cent.

Dominic White, Chief Executive, commented: "KCR's Chapel Riverside investment in Southampton has exceeded our expectations by a significant margin and is generating substantial positive cash flow for the company. We expect to make further investments in the short term."

 

For further information, please contact:

KCR Residential REIT plc
Dominic White, Chief Executive
info@kcrreit.com
+44 20 3793 5236
Arden Partners plc
Tom Price / Benjamin Cryer
+44 20 7614 5917

 

Notes to Editors:

KCR's objective is to build a substantial low-to-mid-priced residential property portfolio that generates both secure income flow and increasing net asset value for shareholders. KCR acquires blocks of studio, one-and two-bed apartments that are close to transport links, shopping and leisure.

 

 

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