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10.05.2022 08:00:28
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One Heritage Group plc: Disposal of Nicholas Street Developments Limited
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One Heritage Group plc (OHG)
10 May 2022 ONE HERITAGE GROUP PLC (the Company or One Heritage) Disposal of Nicholas Street Developments Limited One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce that it has disposed of 5-9 Nicholas Street, Burnley, a Co-living property (the Property), via the disposal of Nicholas Street Developments Limited. The transaction is with One Heritage Property Rental Limited (the Buyer), which is a related party to the Company due to common Directors, Jason Upton and Yiu Tak Cheung (Peter). One Heritage SPC UK Property Development Fund SP2, is the parent company of the Buyer, for which Peter is the investment manager. The Property was acquired on 19 July 2019 originally as an office and converted into a 13 bedroom Co-living property following a substantial refurbishment. It is currently fully occupied by a corporate tenant on a rolling contract which is due to end in June 2022, subsequent to which a new corporate tenant has signed a 12-month tenancy. The Company will receive gross proceeds of £650,000 and recognise a gain of £190,000. The Board (excluding Jason Upton and Peter due to their interests set out above) of the Company have approved the transaction. The Board is satisfied that the price achieved is in line with the market. David Izett, Non-Executive Chair of the Board commented We are pleased to have finalised this transaction and at a price which comfortably exceeded our expectations.
Contacts One Heritage Group plc
Jason Upton Chief Executive Officer Email: jason.upton@one-heritage.com
Luke Piggin Finance Director Email: luke.piggin@one-heritage.com
Hybridan LLP (Financial Adviser and Broker) Claire Louise Noyce Email: claire.noyce@hybridan.com Tel: +44 (0)203 764 2341 About One Heritage Group One Heritage Group PLC is a property development and management company. It focuses on the residential sector primarily in the North of England, seeking out value and maximising opportunities for our investors. In 2020 One Heritage Group PLC became one of the first publicly listed residential developers with a focus on co-living. The Company is listed on the Standard List of the Main Market of the London Stock Exchange, trading under the ticker OHG. For further information, please visit the Companys website at https://www.oneheritageplc.com/
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| ISIN: | GB00BLF79495 |
| Category Code: | UPD |
| TIDM: | OHG |
| LEI Code: | 2138008ZZUCCE4UZHY23 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 160503 |
| EQS News ID: | 1347367 |
| End of Announcement | EQS News Service |
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