Zentra Group completes key transactions, updates listing

Published 22/11/2024, 08:04
Zentra Group completes key transactions, updates listing

Friday

Zentra Group plc, a UK-based property development and management company, has successfully completed several strategic property transactions. These developments are part of the company's transformation plan, initially detailed on October 2, 2024. Zentra Group, formerly known as One Heritage Group PLC, has also provided an update regarding its listing status on financial markets.

The company has acquired a 30% interest in the One Victoria project located in Manchester, investing £3 million. This investment was financed through an increase in the existing shareholder loan facility. Furthermore, Zentra has sold a portfolio of residential and commercial properties for £7 million to OH UK Holdings Limited, a company with ties to One Heritage Development Limited. The sale included properties at Bank Street, Lincoln House, Oscar House, and a commercial unit at St Petersgate.

The proceeds from the property sale, after accounting for £2 million of debt associated with Oscar House, have been used to decrease the shareholder loan facility from £14 million to £9 million. Additionally, Zentra has refinanced its existing loan facility with a new £7 million loan from OH UK Holdings at a lower interest rate of 6%, replacing the previous rate of 7%. This new loan, set to be repaid by December 31, 2025, with an option to extend for up to 36 months, has been fully drawn down to partially repay the existing facility. The remaining balance of the existing loan has been written off by One Heritage Development Limited as part of the restructuring, thereby settling and terminating the existing facility.

In relation to its listing status, Zentra Group announced on November 12, 2024, that it has applied to the Financial Conduct Authority and the London Stock Exchange (LON:LSEG) to delist its ordinary shares from the Main Market. The shares will be cancelled from trading on the Main Market on December 11, 2024, with the last trading day being December 10, 2024. Subsequently, the shares are expected to start trading on the Access segment of the AQSE Growth Market on December 11, 2024, under the ticker symbol ZNT.

The company's management, including CEO Jason Upton and Head of Finance Robert Holbrook, has communicated these updates. Zentra Group's focus remains on residential sector opportunities in the North of England, aiming to maximize investor value. Further details can be found on the company's website.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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