Compco Holdings is paying £3m to buy out Southend Properties’ 50% interest in the Frenson Estate, a portfolio of 189 retail and industrial properties in Liverpool, Merseyside. The move lifts Compco’s stake to 75%, with the remainder being held by Max Stone.
King Sturge recently valued the portfolio at £8.169m. Compco is paying for the stake with £2.52m in shares and the remainder in unsecured loan notes.
Nigel Ross, Compco’s joint chief executive, said: “Given the underlying value of the assets relative to the price we are paying, we expect the acquisition to have a favourable impact on the value of the group’s net assets.
EGi News 17/09/96
