Ace Liberty & Stone sells Chelsea flat for over current book value

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Ace Liberty & Stone PLC on Friday said it has completed the sale of a Chelsea, London property for £2.2 million.

The London-based commercial property investment company said the property was purchased in April 2016, by means of a secured loan and a share issue at 75 pence per share.

The Chelsea flat was sold for £2.2 million against its current book value of £2.1 million.

Chief Executive Ismail Ghandour said: ‘Purchasing this residential property by issuing shares at a premium enabled the Company to add value to its balance sheet at the time of the transaction. Even taking account of the subsequent erosion of West End property values, the sale has resulted in a break even for the group.’

Ace Liberty trading in London on Friday midday at 76.5 pence.

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