Ofex-listed property investment company GSC Property Holdings has bought Astimwood Properties for £24m.
Astimwood Properties is a property trading company, its principal assets are two linked properties in the centre of Southend, Maitland House and the Warrior Centre.
GSC financed the acquisition from its own resources and a new £18.80m loan from Norwich Union.
Maitland House is an eleven storey totally refurbished office block, with tenants including London and Scottish Bank, Insure & Go and Club la Costa. Total rental income is £1.1m.
The Warrior Centre leisure complex includes a 56-bedroom Travelodge hotel, a Barraccuda Group managed pub and a nightclub. Total rental income is just over £500,000.
Chief executive Mark Rubin said: “Astimwood is an excellent acquisition and brings another two first class properties into GSC, each offering a significant uplift to our net asset value.
“This purchase reflects our commitment to identifying properties which offer above average returns and strong cash flow”
References: EGi News 19/12/05
