Comland Commercial PLC
22 December 2006
22 December 2006
Comland Commercial PLC ('Comland Commercial' or the 'Company')
Disposal of Property Assets
On 19 December 2006 Comland Commercial exchanged contracts on the sale of seven
properties to a subsidiary of Devonshire Investment Holdings Limited for
consideration of £29.35 million, in aggregate, payable in cash on completion.
The disposal of five of these properties, Anglers Court in Marlow, Chiltern
House in Marlow, 14 High Street in Windsor, Market House in Wokingham and
Fairview Industrial Estate in High Wycombe, is due to complete on 22 January
2007 for consideration of £17.76 million and the disposal of the two remaining
properties, Red Lion House in High Wycombe and 62 High Street in Marlow, is due
to complete on 2 April 2007 for consideration of £11.70 million. These seven
properties have been substantially let and yielded profit before taxation of
£0.54 million, in aggregate, in the year ended 31 March 2006. They had an
aggregate book value of £21.74 million at 31 March 2006 and their disposal will
realise a profit before tax of in excess of £8 million, in aggregate.
The proceeds from these disposals will be utilised in reducing bank debt and in
funding future development projects and acquisitions.
Enquiries
Comland Commercial PLC 01628 535 777
Chris Martin
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