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Clifford Street 2

Glenstone REIT plc absorbs The Clifford Property Company Ltd

Posted on November 7, 2023

Glenstone has acquired 100-year-old Clifford Property in a NAV for NAV all paper share purchase.

The Clifford portfolio, totalling £12.3m consists of mixed-use assets based in the Southeast of England. Approximately 75% by capital value is located inside the M25 motorway which provides further diversification to Glenstone’s existing portfolio.  The gross running yield of Clifford’s portfolio (6.75%) mirrors that of Glenstone’s. As part of the transaction Glenstone has also acquired a cash balance of circa £1.4m. The approximate value of the deal totals £13.5m.

Clifford Property traces its roots back 100 years with the name first deriving from Clifford Street in Mayfair.

Glenstone Managing Director, Ben Green, comments, “We are thrilled to welcome Clifford to Glenstone. Our existing shareholder base and Clifford’s are aligned in their investment approach and core values. Clifford have invested prudently and join the group carrying no existing debt. This transaction illustrates the huge benefits of private property companies taking corporate paper into our REIT structure. Our ambitions remain to grow Glenstone whilst maintaining an accessible Board and structure for all shareholders.”

Following the completion of the transaction the Glenstone group will now have a combined net asset value of circa £135m.