Business
Sale of Property
Sale of Property.
About this update from Keller Group Plc
[{"type":"text","content":"\n \nRNS Number : 7931E Keller Group PLC 11 May 2017 \n\nFor immediate release 11 May 2017\n \nKeller Group plc\n \nSale of Property\n \nKeller Group plc (\"Keller\" or \"the Group\"), the world's largest geotechnical contractor, announces that it has sold the freehold of a processing and warehousing facility at Avonmouth, near Bristol, to CSUK1 Holdings Limited and CSUK1 Investments Limited for a cash consideration of £62m. \n \nAs previously announced, Keller acquired the property in May 2016 pursuant to a settlement agreement in connection with a contract dispute arising on a project completed in 2008. Since that time, the Group has received around £4m of rental income, which has been treated as an exceptional item.\n \nMost of the proceeds will be used to repay the £48m bank facility raised for the original acquisition of the property. \n \nThe property is held on the Group's balance sheet at a value of £54m. The sale therefore realises a profit of £8m before costs which will be included as an exceptional profit in the Group's 2017 interim results. \n \n \nFor further information, please contact:\n \n\n\n\n\nKeller Group plc\n\n\nwww.keller.com\n \n\n\n \n\n\n\n\nJames Hind, Finance Director\n\n\n020 7616 7575\n\n\n \n\n\n\n\n \nFinsbury\n\n\n \n\n\n\n\nGordon Simpson, Theo Hildebrand\n\n\n 020 7251 3801\n\n\n\n\n \n \nNotes to Editors:\nKeller is the world's largest geotechnical contractor, providing technically advanced geotechnical solutions to the construction industry. With annual revenue of around £1.8bn, Keller has approximately 10,000 staff world-wide.\n \nKeller is the clear market leader in the US, Canada, Australia and South Africa; it has prime positions in most established European markets and a strong profile in many developing markets.\n \n...