K&C REIT plc Acquires The Osprey Management Company Ltd
K&C REIT plc, the residential real estate investment trust ("REIT") group, is pleased to announce that, on 6 May 2016, the Company agreed to acquire the entire issued share capital of The Osprey Management Company Limited from Ms Susan Hards for an aggregate consideration of £1.6 million (the "Acquisition"). Osprey owns a portfolio of freehold interests in a number of high quality retirement and residential properties in London and southern England. In addition, Osprey provides property management services to the occupants in most of the properties in the freehold portfolio and to other residential and industrial properties. The consideration will be satisfied by a payment of £1.3 million in cash and issuance to the vendor of three million K&C ordinary shares credited as fully paid up at 10p per share.
Tim James, Managing Director of K&C REIT, commented:
"We are delighted to have the opportunity to add to our property management resources and buy assets in excellent areas in portfolios that can capitalise on K&C's considerable property expertise. We are particularly pleased that, in every way, the Acquisition supports our investment strategy of seeking and acquiring high quality properties held in special purpose vehicles where the owners are seeking an exit. We also look for properties which, by employing the expert long-term management that K&C can deliver, offer our shareholders the opportunity for greater returns.
We feel that Osprey is an ideal proof of our investment strategy."