23rd Sep 2013 06:43
LONDON (Alliance News) - Stobart Group Ltd Monday said it has exchanged contracts on the sale of its investment property at Admiral Retail Park in Eastbourne to Clerical Medical Managed Funds Ltd for GBP25 million in cash.
The property was valued at GBP24.05 million on February 28 and generated annual rental income of GBP1.6 million, the company said in a statement, adding that the disposal price represents a yield of 6.125% and a gain of GBP2.1 million since it was bought in 2012.
It expects completion on September 27 and will hold the proceeds in cash pending reinvestment in its property portfolio or repayment of debt.
By Steve McGrath; [email protected]; @SteveMcGrath1
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