9th Jul 2019 09:09
(Alliance News) - Agri-services firm Origin Enterprises PLC said Tuesday it will sell up to 31 acres of land at the South Docklands in Cork, Ireland for up to EUR47.5 million.
The land will be sold to Irish property investor O'Callaghan Properties, and has been designated for future urban development.
The transaction is subject to several conditions, including the granting of several permissions and approvals, as well as the relocation of Origin's operating business in the Docklands to a new location in Cork.
Origin expects to make a EUR3.5 million gain on disposal, assuming the full proceeds are realised.
"We look forward to actively working with O'Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork City in line with the government's National Development Plan 2040," said Chief Executive Officer Tom O'Mahony.
Shares in Origin Enterprises were untraded on Tuesday in London, last quoted at EUR5.085.
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