22nd Feb 2016 08:15
LONDON (Alliance News) - Infrastructure and support services company Stobart Group Ltd on Monday said it has sold its distribution centre at Carlisle Airport for GBP16.9 million in cash.
Stobart said the sale marked the conclusion of the first phase of development work at the airport.
The centre has been sold to real estate investment fund Gramercy Europe Ltd and Stobart has signed a 20-year lease for the centre, which will be sub-let to Eddie Stobart Ltd.
"We are pleased to have concluded this first phase deal with Gramercy. The transaction is in line with our strategy of realising value from mature assets and creating value for shareholders. We believe that this development will attract further inward investment at Carlisle Airport, securing and creating jobs in the area by offering cheaper logistics solutions at a location close to the Lake District and the border with Scotland," said Chief Executive Andrew Tinkler.
Stobart shares were up 2.6% to 98.7 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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