GREEN Property has acquired two properties in Britain for £16.4 million sterling. They have been purchased from Morgan Grenfell Property Asset Management and will have an annual rental income of £2 million. This puts the consideration on an attractive 12.2 per cent gross yield.
One property consists of the 321,000 sq ft Excalibur Enterprise Centre in Milton Keynes. It has a rental income of £1 million, which will rise to £1.25 million by year end, Green says.
The other 49,000 sq ft property consists of two linked office buildings in Bromley, Kent. The annual rental is £755,750. The tenants include BP, Canada Life, Sun Life of Canada and Prudential Insurance. The properties are viewed as medium term investments.
NatWest Securities, in its latest review of the company, has revised upwards its valuation of the Blanchardstown shopping centre by £4.7 million, an 8p increase in Green's net asset value per share. It is estimating Green's net asset value per share at 266p by December 1996, rising to 291p in 1997 and to 308p in 1998.
