FINANCE: London and South East specialist McKay Securities has invested £47.2m of the £86.7m raised in a share placing in February, according to this morning’s interim management statement.
The company bought two offices between 1 April and 17 July for a combined £26.5m. These are the Mille, Brentford, and 9 Greyfriars Road, Reading.
McKay Securities completed 10 lease renewals and six open-market lettings on properties in its existing portfolio with combined contracted rent of £1.1m per year. This is 4.8% ahead of March 2014 estimated rental values.
Total occupancy declined to 84.7% in the three and a half months to 17 July, compared with 85.9% at the year end. This is partly due to properties being taken out of use for refurbishment.
Drawn debt increased from £29m over the period to £66.5m due to acquisitions and refurbishments. A total of £155m of undrawn facilities remain.
sophia.furber@estatesgazette.com
