Gleeson(M J)Group PLC
03 July 2006
M J GLEESON GROUP PLC
£27.9m disposal of the majority of the commercial property investment portfolio
As part of the strategic review announced on 31 March 2006 and further to last
Friday's announcement of the disposal of Concrete Repairs Limited, Gleeson
announces that on 30 June 2006 it disposed of the majority of its commercial
property investment portfolio for £27.9m in cash, exclusive of VAT, following a
competitive tender process.
• Properties with a gross asset value of £14.0m as at 30 June 2005 and net
annual rent of £0.5m for the year ended 30 June 2005 are sold for £17.8m to
Teesland IOG, a property fund and asset management company.
• Properties with a gross asset value of £5.5m as at 30 June 2005 and
net annual rent of £0.2m for the year ended 30 June 2005 are sold for £6.8m to
Maybrook Properties Limited, a property investment company.
• Properties with a gross asset value of £2.2m as at 30 June 2005 and a
net annual rent of £0.2m for the year ended 30 June 2005 are sold for £3.3m to
Kiln Lane Limited, a property investment company.
The net proceeds will be used to reduce Gleeson's indebtedness.
Enquiries :
M J Gleeson Group plc 020-8644 4321
Terry Massingham (Chief Executive)
Paul Wallwork (Finance Director)
Close Brothers Corporate Finance Limited
Peter Alcaraz 020-7655 3139
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
This information is provided by RNS
The company news service from the London Stock Exchange