Highcroft seeks property purchases

19th Nov 2010 16:08

Real Estate Investment Trust Highcroft Investments says that its voids and bad debts are well below the industry average and it has cash to invest in expanding its portfolio. Highcroft has £3m in the bank and no debt. It also has equity investments of £5.8m at the end of 18 November. This places Highcroft in a good position to pick up bargains but it has been unable to find a purchase of the right quality. Highcroft is finalising a 10 year lease with a new tenant for one of its properties. One of the tenants at Highcroft's property in Victoria is leaving and this space is being marketed. One residential property has become vacant and, along with two others, it will be sold. Highcroft hopes to get more than book value. Highcroft's properties were valued at £28.3m at the end of June 2010 and it is confident that their value is still around that level. The net asset value was 676p a share at that time.