Solar House sold for £5.5m
Solar House in Stratford-upon-Avon has been sold for £5.5m. The property, a 49,000 sq ft office building, was sold by investment company O Twelve.
Solar House was 80 per cent vacant on completion of the deal, said Guernsey-based O Twelve.
The sale proceeds have been placed on a restricted deposit account and are available for repayment of debt or, potentially, for future property acquisitions.
The buyer's identity was not disclosed.
Phil Rhodes, chairman of O Twelve, said: “The sale of Solar House both removes a substantial potential cost exposure and adds to the company's now significant cash resources. This provides us with a number of opportunities both to continue to add value to the existing portfolio through active management and to consider new property ventures.”
O Twelve’s net debt as at 28 February 2011 was £105m.
