McKay Securities. - Acquisition at Banbury

RNS Number:1824D
McKay Securities PLC
04 September 2007


                              McKAY SECURITIES PLC

                                 PRESS RELEASE

        Acquisition of Lower Cherwell Street Industrial Estate, Banbury

McKay Securities PLC has completed the acquisition of the Lower Cherwell Street
Industrial Estate, Banbury from a private investor for £3.1 million in an off
market transaction. The initial yield on the purchase is 6.5%, likely to
increase beyond 7% on settlement of renewals and reviews in 2008.

The Estate consists of 19 units totalling 39,975 sq ft built in the 1970's with
considerable main road frontage. It lies on the eastern side of the town close
to both the town centre and the main line railway station. It forms an integral
part of a larger area being promoted by Cherwell District Council for
regeneration.

Commenting on the purchase, Simon Perkins, Managing Director of McKay said 'the
investment will benefit from more intensive management. There is also the
potential to redevelop the site in the medium term for higher value uses, either
on a stand alone basis or as part of a larger scheme that realises the full
potential of neighbouring land that adjoins the canal'.

Savills represented the vendor.


Background Information

McKay Securities PLC is a Real Estate Investment Trust specialising in the
development and refurbishment of quality commercial buildings within established
and emerging growth areas of Central London and the South East of England.
Completed projects are retained and managed for long term growth within the
Group's portfolio, valued in excess of £350m (at 31st March 2007).


Contact

McKay Securities PLC - 0118 950 2333
Simon Perkins, Managing Director


4th September 2007


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