Circle to return £65m to shareholders

Circle Property will return £65m to shareholders after selling its remaining assets. The company has completed the sale of Somerset House in Birmingham for £15.2m, bringing its first return of capital to £46.2m. The AIM-listed real estate investor plans to create new B shares that it will offer through “successive bonus issues” and then redeem on 21 March. Completion of the sales of Concorde Park, Maidenhead, and Victory House in Northampton for a combined £15m are expected by the end of March, following which the company will make second return of capital in April, again through a B share issue. A final return will be made once the company’s remaining property at 300 Pavilion Drive, Northampton has been sold. Circle bought the building in 2009 for £4m. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews