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GSC Property makes acquisitions
Property investor GSC Property Holdings plc has bought several commercial properties in Rugby and Gloucester for £3.85 million.
The consideration comprised some £3.2 million in cash and the issue of 200,000 new shares. GSC was able to achieve an overall loan of 90% of the total consideration from Norwich Union with the balance coming from the company’s existing resources.
GSC received funding advice from Savills Private Finance (SPF), which has worked with the company for several years.
Chris Hay, associate director at SPF, said: “Using a lender familiar to the client, we were able to utilise existing fixed-rate monies attaching to the disposal unit. This meant the client avoided early repayment charges.”
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