20th Oct 2009 13:17
20 October 2009
CAPITAL & REGIONAL PLC
SALE OF 10 LOWER GROSVENOR PLACE
Capital & Regional Plc ("Capital & Regional" or the "Group") today announces that it has exchanged contracts for the sale of its long leasehold owner occupied building at 10 Lower Grosvenor Place, London, to Kardamyla Holdings Limited for £10.5 million in cash. Completion will take place in February 2010.
The proceeds will be used to repay the £7.44 million debt outstanding on the property with the balance being retained in cash. The sale reduces debt and frees up capital for alternative future use.
The property was included in the 30 June 2009 accounts at £10.1 million, which included a £0.8 million head lease adjustment, and net annual rent payable intra group for the year to 31 December 2008 was £850,000.
The property is currently being used as Capital & Regional's head office but the Group will move to rented premises on completion.
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For further information:
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Capital & Regional |
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Hugh Scott-Barrett, Chief Executive |
Tel: 020 7932 8121 |
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Charles Staveley, Group Finance Director
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Tel: 020 7932 8000 |
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Maitland |
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Martin Leeburn / Emma Burdett |
Tel: 020 7379 5151 |
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