Business
Disposal of Norwegian Propert
Disposal of Norwegian Propert.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n RNS Number : 4558O Fisher (James) & Sons PLC 30 June 2010 \n \n\n \n \n \n \nWednesday 30 June 2010\n \n \nJAMES FISHER AND SONS PLC\n \nDISPOSAL OF NORWEGIAN PROPERTY ASSETS\n \nJames Fisher and Sons plc (James Fisher) today announces the disposal of its wholly owned Norwegian subsidiary ScanTech Eiendom AS (STE) to Dusavika Eiendomsinvest AS (DE). \nSTE is a property company which owns the newly completed Stavanger head office of James Fisher Norway & ScanTech AS (ST). DE is a property investment company with Pareto Project Finance as arranger. ScanTech AS, the principle operating company of James Fisher's Norwegian activities, has entered into a 15 year lease agreement with DE (with two further five year options) to occupy the building, based on a yield of circa 7.0%. The transaction is based on a property value of NOK 172 million (GBP 17.8 million). \nJames Fisher also announces that it has sold its office and workshop facilities in Haugesund, Norway for NOK 6.6 million (GBP 0.68 million) to the local port operating company. Following the disposal of its subsidiary Reanco AS in 2009, the office and workshop facilities in Haugesund were short leased to the buyers of Reanco and are no longer required by James Fisher.\nThe total consideration for these two sales amounts to GBP 18.5 million which approximates to book value. Proceeds will be used to repay bank debt.\nEC Hambro Rabben & Partners acted as corporate finance advisors to James Fisher.\nContacts:\n\n\n\n\nJames Fisher and Sons plc\n\n\nTim Harris\n\n\nChairman\n \n\n\n020 7614 9508\n\n\n\n\nScan Tech AS\n\n\nChris Stevens\n\n\nManaging Director\n \n\n\n00 47 51 545454\n\n\n\n\nE C Hambro Rabben & Partners\n\n\nEivind Rabben\nKristine Tveteraas\n\n\n\n\n\n020 7355 4100\n\n\n\n\nFinancial Dynamics\n\n\nRichard Mountain\n \n\n\n\n\n\n020 7269 7186\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISUKAVRRNANUAR \n ","length":4841,"tagName":"div"}]