Business
Sale & Leaseback of Head Office building
Sale & Leaseback of Head Office building.
About this update from Nexus Infrastructure Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0489H\n Nexus Infrastructure PLC\n 04 April 2022\n \n \n \n \n Nexus Infrastructure PLC\n \n \n 4 April 2022\n \n \n Nexus Infrastructure plc\n \n \n (\"Nexus\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Sale & Leaseback of Head Office building\n \n \n \n \n \n \n \n \n Nexus Infrastructure plc (AIM:NEXS), a leader in enabling the energy transition by delivering sustainable infrastructure, \n announces the successful completion of a sale and leaseback transaction of Nexus Park, the Group head office building.\n \n \n \n \n \n Nexus Park was completed in 2021 and has been successfully occupied by all subsidiaries of the Group during the summer of 2021. The Group has completed the sale and leaseback transaction of the freehold of Nexus Park with Dorsel U.K. 4 Limited.\n \n \n \n \n \n The disposal included the 4.7 acre site and the three story, 35,000 sq ft head office building that all constitutes Nexus Park. The assets are being sold at net book value, and so a breakeven result is being recorded, prior to disposal costs of £150k. The proceeds of £13.5m will be used to clear existing bank debt totalling £10.8m, with the balancing £2.7m enhancing our cash reserves. \n \n \n \n \n \n The Group has simultaneously entered into a 20 year lease for Nexus Park, which will create an IFRS 16 Right of Use asset of £11.3m and an associated Lease Liability of £11.4m.\n \n \n \n \n \n Commenting on the transaction, Mike Morris, Chief Executive Officer, said:\n \n \n \n \n \n \"I am pleased to have successfully completed this transaction. The proceeds clear the bank loans associated with the development of the property and crystalise our investment in the land. Our balance sheet is strong and now free of borrowings, which will support our future growth.\"\n \n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n Nexus Infrastructure plc\n Michael Morris, Chief Executive Officer\n Alan Martin, Chief Financial Officer\n \n \n \n Tel: 01376 559550\n \n \n \n \n Numis Securities Limited\n (Nominated Adviser & Broker)\n Oliver Hardy (Nomad) \n Heraclis Economides \n Ben Stoop\n \n \n \n Tel: 0207 260 1200\n \n \n \n \n Financial Public Relations\n Camarco\n Ginny Pulbrook\n Rosie Driscoll\n ...