Hawtin Sells Portsmouth Asset for £4.35m

AIM listed property development and investment company Hawtin Plc has sold an 85,395 sq ft warehouse/industrial development in Farlington on the outskirts of Portsmouth for £4.35m.

Bishops Printers purchased the two-storey manufacturing warehouse and office building, which is situated on 4.13 acres of land with good transport links to the A27 and M27 motorway, for its own occupation.

The units were completely rebuilt to a high specification in 2002 having been extensively damaged by a fire. Bishops Printers will take occupation at the beginning of August (2010) following a modest amount of work to adapt the building to accommodate its operations.

The building was sold as part of Hawtin’s ongoing strategy to reduce the group borrowings.

Speaking about the sale, Richard Hayward, Chief Executive of Hawtin, said: “The last year has been one of the toughest I have faced at Hawtin. New lettings have helped to improve our asset value, but we have been actively seeking the right deal to release cash and improve our position with the bank. At the year end this asset was valued at £4m and we are delighted to have completed the deal for 10% more than its previous market price.”

Hawtin was advised by Vail Williams, GVA Grimley and Richard Hayward Properties. Vail Williams acted for Bishops Printers.

ENDS

For more information please contact:

William Haigh, Halogen
Tel. +44 20 7087 3260 | +44 7890 607 535 | william.haigh@halogenuk.com

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