Antler Property Investments plc - £9.4m Portfolio

Date: 29 Jan 2002

Antler Property Investments plc has continued its expansion in the Scottish market with the purchase of an office and industrial portfolio and an industrial investment for a total of £9.4 million.

The Cartsburn Maritime portfolio in Greenock, Inverclyde was purchased from the Laser Richmond Trust and comprises three pavilion buildings totalling 4,514 sq m (48,597 sq ft) and three industrials that total 2,370 sq m (25,512 sq ft). The properties are all let to Scottish Enterprise on 25-year leases from 1994 and are sub-let to occupiers including Royal Bank of Scotland plc, Mercury Communications, Serco ltd and The Graham Group plc.

Antler has purchased the long-leasehold interest of the portfolio, with an option to purchase the freehold, for £7.5 million.

At the same time, Antler has purchased a warehouse property in Livingston from Homestyle Group plc for £1.9 million. The building, 28A Firth Road, Houston Industrial Estate, totals 4,340 sq m (46,722 sq ft) on a site of 1.5-hectares (3.7-acres). Homestyle Group has taken a 15-year, FR&I lease.

Colin Whitelaw of Antler Property Investments says: "These two acquisitions takes us a step further to achieving our goal of a building a £30 million portfolio in Scotland. We are planning further acquisitions in the near future."

Roxburgh & Company advised Antler Property Investments on the Cartsburn Maritime portfolio while Insignia Richard Ellis advised Laser Richmond Trust.

In the Livingston transaction, Whitelaw Baikie Figes acted for Homestyle Group.

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