10 year lease agreed with Chinese partner for 1 million sq ft at Manston, Kent
Commercial Group Properties PLC, the recently AIM-listed property development company, announces that a lease has been agreed, at a rent which the Directors of CGP believe to be at least in line with the market rate, with the Beijing Association of SME ("the Tenant"), for between 900,000 sq ft and 1,100,000 sq ft of business accommodation at Manston International Business Park, one of the Company's development properties. The lease is for a period of 10 years from handover to the Tenant on the completion of the building contract which is expected to be within 18 months.
Chinamex Middle East Investment & Trade Promotion Centre ("Chinamex") is standing as the "surety" to the agreement. Chinamex is an official arm of the People's Republic of China.
The Directors of CGP believe that this lease will add significantly to the value of CGP's property portfolio. A further announcement will be made as soon as practicable regarding an independent revaluation of the Manston site.
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