Property investment group Conygar (CIC) has revealed that an application to prevent development on the Village Green at Holyhead has been rejected. A three-month judicial review period will follow this formal decision. The group has also been successful in securing planning consent for the first phase of the Fishguard Harbour Marina, which will consist of a 345-berth floating marina as well as residential apartments and retail facilities.
In late February, Conygar entered into a conditional sale agreement for the disposal of its Conygar ZDP investment property portfolio to Regional Commercial Midco, a wholly owned subsidiary of Regional REIT (RGL), at a modest premium to its valuation of £129.5m. Payment will be effected through the issue of 26.3m shares in Regional REIT at 106p a share. The deal also means that Regional REIT will assume both the bank debt of the investment portfolio and Conygar's obligation to fund the repayment of 30m zero-dividend preference shares. Conygar will be subject to a lock-in on the Regional REIT shares it will own, with no sale permitted in the first six months, after which one-third of the shares may be sold. A further third is locked in for 12 months and the remaining third for 18 months.
