Henry Boot announces £5.8 million acquisition

7 May 2021

HENRY BOOT PLC
('Henry Boot' or 'the Group')

Henry Boot announces £5.8 million Manchester acquisition

Henry Boot has purchased a multi-let industrial estate on the edge of Manchester City Centre for £5.8 million, with the price reflecting a net initial yield of 4.1%.

The Group's property development business, HBD, has acquired City Court, a 26,900 sq. ft. industrial estate located on Poland Street in the city's Ancoats neighbourhood, from vendors Urban Splash and Pears Group. The property is fully let to eight tenants, including Ticketmaster UK and Sky Telecommunications Services.

The estate has a low average rent per square foot of under £10 and offers good rental growth and asset management opportunities. In the medium term the Group will also explore the opportunities for a significant urban residential development.

The acquisition will be retained in the Group's investment portfolio and forms a part of Henry Boot's core strategy of targeting industrial and logistics, residential and urban development schemes.

Ed Hutchinson, managing director of HBD, said: "City Court is the latest in a series of strategic acquisitions in 2021 for Henry Boot. The property is situated on a 1.3-acre site which forms part of the Ancoats and New Islington Neighbourhood Development Framework presenting an opportunity for future urban residential development."

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Enquiries:

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

Numis Securities Limited

Joint Corporate Broker

Garry Levin/George Fry

Tel: 020 7260 1000

Peel Hunt LLP

Joint Corporate Broker

Charles Batten/Harry Nicholas

Tel: 020 7418 8900

Hudson Sandler

Financial PR

Nick Lyon/Wendy Baker

Tel: 020 7796 4133

About Henry Boot PLC

Henry Boot PLC (BOOT.L) was established over 130 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:

Land Promotion:
Hallam Land Management Limited

Property Investment and Development:
Henry Boot Developments Limited (HBD), Stonebridge Homes Limited

Construction:
Henry Boot Construction Limited, Banner Plant Limited, Road Link (A69) Limited

The Group possess a high-quality strategic land portfolio, an enviable reputation in the property development market backed by a substantial investment property portfolio and an expanding, jointly owned, house building business. It has a construction specialism in both the public and private sectors, a long-standing plant hire business, and generates strong cash flows from its PFI contract through Road Link (A69) Limited.

www.henryboot.co.uk