Camborne Retail Park is a purpose built single storey retail warehouse which is exclusively let to B&Q plc (“B&Q”), a British multinational DIY and home improvement retailing company. B&Q is a leading home improvement and garden centre retailer in Europe and the third largest in the world with currently 350 stores in the UK and 8 stores in Ireland.
The Camborne Retail Park is well located in the town of Camborne, and is within close proximity to the A30 highway, the Camborne railway station and the Newquay Cornwall Airport making it a desirable retail location.
Property information and other details pertaining to the Camborne Retail Park Acquisition are set out in section 3 below. 2.
"The Camborne Retail Park Acquisition strongly compliments the quality of Texton’s existing underlying property portfolio providing, ... prime retail property located in the busy market town of Camborne an underpin of a high quality blue chip tenant on a 25 year lease of which 12 years and 3 months are remaining; further retail and geographic diversification to Texton’s portfolio; and additional scale, quality and diversity to Texton’s existing UK portfolio through the acquisition of a portfolio enhancing property in a manner consistent with the Company’s stated investment strategy to achieve geographic diversification beyond South African borders into the UK," the board said.
Acquisition of the Camborne Retail Park from London and Metric Property plc through the acquisition of 100% of the issued share capital of Forbesdale Investment Holdings Limited, a new company registered in the British Virgin Islands, which in turn will own the Camborne Retail Park
The purchase consideration for the Camborne Retail Park Acquisition amounts to £9,850,000 (R224,186,000 converted at the spot exchange rate as at 28 December 2015 of £1:R22.76). The aggregate purchase consideration of £9,850,000 will be funded through existing cash resources, via a currency swap, and initially no external borrowings will be required to affect the Camborne Retail Park Acquisition.
