KCR Residential acquires leasehold apartment

AIM-listed KCR Residential's wholly-owned subsidiary Osprey has acquired a further apartment within one of its freehold retirement residential developments.

The 67-year lease of the apartment was bought for £310,000 excluding costs, and the deal was funded via a drawdown from the 2018 loan of £1,875,000 announced last week.

In line with the previous leasehold acquisitions, the apartment will be refurbished and sold subject to a new 125-year lease such that Osprey retains the freehold interest.

Chief executive Dominic White said: "KCR has continued to implement its investment strategy with rapid drawdown of part of the 2018 Loan, which has further demonstrated the company's ability to deploy capital quickly into its pipeline of opportunities. We will manage and invest in the freehold Osprey portfolio to improve yield generation and increase shareholder value over the long term."

At 1010 GMT, the shares were up 1.9% to 81.50p.