Business
Property Disposals
Property Disposals.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n Gleeson(M J)Group PLC\n03 July 2006\n\n\n \n \n M J GLEESON GROUP PLC \n \n£27.9m disposal of the majority of the commercial property investment portfolio\n \n\nAs part of the strategic review announced on 31 March 2006 and further to last\nFriday's announcement of the disposal of Concrete Repairs Limited, Gleeson\nannounces that on 30 June 2006 it disposed of the majority of its commercial\nproperty investment portfolio for £27.9m in cash, exclusive of VAT, following a\ncompetitive tender process.\n \n• Properties with a gross asset value of £14.0m as at 30 June 2005 and net\n annual rent of £0.5m for the year ended 30 June 2005 are sold for £17.8m to\n Teesland IOG, a property fund and asset management company.\n\n• Properties with a gross asset value of £5.5m as at 30 June 2005 and\n net annual rent of £0.2m for the year ended 30 June 2005 are sold for £6.8m to\n Maybrook Properties Limited, a property investment company.\n\n• Properties with a gross asset value of £2.2m as at 30 June 2005 and a\n net annual rent of £0.2m for the year ended 30 June 2005 are sold for £3.3m to\n Kiln Lane Limited, a property investment company.\n\nThe net proceeds will be used to reduce Gleeson's indebtedness.\n\n\nEnquiries :\n\nM J Gleeson Group plc 020-8644 4321\n Terry Massingham (Chief Executive)\n Paul Wallwork (Finance Director)\n\nClose Brothers Corporate Finance Limited\n Peter Alcaraz 020-7655 3139\n\nBankside Consultants Limited\n Charles Ponsonby 020-7367 8851\n \n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]