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Hermes Pacific Investments PLC on Thursday said it has purchased its first property in Southend-on-Sea in Essex, England.
The London-headquartered investment company said the two-bedroom leasehold flat and single garage was purchased for £594,907. The purchase was funded from existing cash resources.
HPAC said the investment is in line with its revised investment strategy. In November, it announced plans to target investments in property sector in Europe and Middle East, after not finding any suitable significant deals in south east Asia in the financial sector or elsewhere.
It expects to rent out the property shortly.
HPAC was untraded in London on Thursday morning at 122.0 pence.
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