Ace Liberty & Stone Plc Acquires Radcliff Property Limited
Ace Liberty & Stone Plc, the active property investment company, capitalising on commercial property investment opportunities across the UK, today announces the buyout of Fineous Limited's 62% holding in Radcliff Property Limited for £1,235,000. This transaction will result in a 100% ownership of Radcliff by Ace.
As announced on 19 November 2015, Radcliff has completed the sale of the remaining parts of Telephone House for a sum of £4 million, following the sale of the Tower and units three and four of Telephone House announced 13 March 2014.
As a result of its acquisition of Radcliff with its existing net assets, Ace will receive the full proceeds from an expected negotiated settlement of the dilapidations claim on a former tenant of the Telephone House Tower, sold on 13 March 2014. The claim is currently being negotiated.
Ace has received £2.8 million proceeds from the sale of the remaining parts of Telephone House last month.
Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Doncaster, Sunderland and Dudley. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.
The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions price increases have started with the smaller properties, and are spreading towards larger properties.
Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.