Conygar Investment Company PLC (LON:CIC) , the property investment and development group, announced that it has completed the sale of its 80-bedroom hotel at Parc Cybi, on the outskirts of Holyhead, Anglesey. The hotel is subject to a 25 year lease with Premier Inn Hotels Limited. Conygar has received net proceeds of £6.9 million, which represents a net initial yield of 4.7%.
Robert Ware, Chief Executive of Conygar commented:
“We are pleased to have completed the sale of this development project on schedule. The funds generated by this disposal will be recycled within the Group and used in future acquisitions or the development pipeline.”