Renew Holdings PLC
21 August 2006
Renew Holdings plc
('Renew' or the 'Group')
Sale of Property
Renew is pleased to announce that it has sold its freehold property at 39
Cornhill, which houses the Group's head office, for a consideration of £11.3
million net of fees and other disposal costs. Profit on the sale was
approximately £0.4m and will be used for general corporate purposes.
The Group no longer considers ownership of the property to be appropriate in
light of its reduced level of occupancy, and has therefore entered into a more
efficient lease arrangement. The majority of the proceeds will be used to
redeem the mortgage on the property, which will result in an additional £0.6
million in annual interest savings. The Group's head office function will
continue to occupy the third floor at 39 Cornhill.
21 August 2006
Enquiries:
Renew Holdings plc Tel: 020 7522 3200
Brian May, Chief Executive
College Hill Tel: 020 7457 2020
Matthew Gregorowski
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