Business
Sale of Property
Sale of Property.
About this update from Renew Holdings Plc
[{"type":"text","content":"\n Renew Holdings PLC\n21 August 2006\n\n\nRenew Holdings plc\n\n('Renew' or the 'Group')\n\n\n\nSale of Property\n\n\nRenew is pleased to announce that it has sold its freehold property at 39\nCornhill, which houses the Group's head office, for a consideration of £11.3\nmillion net of fees and other disposal costs. Profit on the sale was\napproximately £0.4m and will be used for general corporate purposes.\n\n\nThe Group no longer considers ownership of the property to be appropriate in\nlight of its reduced level of occupancy, and has therefore entered into a more\nefficient lease arrangement. The majority of the proceeds will be used to\nredeem the mortgage on the property, which will result in an additional £0.6\nmillion in annual interest savings. The Group's head office function will\ncontinue to occupy the third floor at 39 Cornhill.\n\n\n 21 August 2006\n\nEnquiries:\n\n\nRenew Holdings plc Tel: 020 7522 3200\n\nBrian May, Chief Executive\n\nCollege Hill Tel: 020 7457 2020\n\nMatthew Gregorowski\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange ISILFVVTEILFIR \n ","length":1548,"tagName":"div"}]