16th Dec 2015 10:15
LONDON (Alliance News) - Rotala PLC on Wednesday said it has sold one property and bought another.
The bus operator, which is headquartered in Birmingham, UK, said it has decided to sell a four acre depot in Long Acre, Birmingham following a review which found it to be surplus to requirements.
The depot was sold to WPD Property Investments Ltd for GBP2.5 million, roughly equivalent to book value.
Meanwhile, Rotala said it has acquired a three acre site adjacent to its main depot in Oldbury for GBP380,000, creating a 6.7 acre site for its bus operations in that part of the West Midlands.
Rotala said it will invest a further GBP600,000 over the next year to upgrade the enlarged site in Oldbury.
Money left over after deducting the acquisition of the site in Oldbury and planned investment from the proceeds of the Birmingham sale will be used to reduce Rotala's debt.
Shares in Rotala were up 0.6% at 64.90 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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