Stobart Group Limited Property Disposal (6078O)
23 Settembre 2013 - 8:00AM
UK Regulatory
TIDMSTOB
RNS Number : 6078O
Stobart Group Limited
23 September 2013
23 September 2013
STOBART GROUP LIMITED
('Stobart' or 'the Group')
Property Disposal
Stobart announces that it has exchanged contracts for the sale
of its investment property at Admiral Retail Park in Eastbourne to
Clerical Medical Managed Funds Limited for GBP25.0 million in
cash.
The property was valued at GBP24.05m on 28 February 2013, the
Group's year end, and generated annual rental income of GBP1.6m.
The disposal price represents a yield of 6.125% and a gain of
GBP2.1m since the acquisition of the Property by the Group in
2012.
Completion is expected to occur on 27 September 2013. The
proceeds will be held in cash pending reinvestment in the property
portfolio or repayment of debt.
Enquiries:
Stobart Group +44 1925 605 400
Andrew Tinkler, Chief Executive
Officer
Ben Whawell, Chief Financial
Officer
Lansons Communications
+44 20 7294 3617
Tony Langham (tonyl@lansons.com) +44 7979 692287
Anna Schirmer (annas@lansons.com) +44 20 7294 3605
i-nfluence Associates +44 20 7287 9610
Stuart Dyble/James Andrew
About Stobart Group
With over 5,900 employees operating from more than 50 sites
across the UK and Europe, Stobart is a UK front-runner in the
multimodal logistics, warehousing, civil engineering, rail
infrastructure and biomass fuel sectors. At the core of the Group
is the Transport and Distribution division, incorporating Eddie
Stobart - the iconic name behind a huge road haulage fleet
totalling some 2,400 vehicles, over 3,000 trailers and over seven
million square feet of warehousing. Stobart Estates, Stobart
Infrastructure and Civils, Stobart Air and Stobart Biomass
divisions complete the Group's business structure.
www.stobartgroup.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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