23rd Feb 2006 15:39
FBD Holdings PLC23 February 2006 PRESS RELEASE FBD Holdings plc ("FBD" or "the Group") Sale of land at La Cala Resort, Spain ("La Cala") and Intention to distribute cash to shareholders by special dividends, pursuant to completion of the land sale FBD today announces that the Group has entered into a conditional agreement tosell a major portion of the building development land which it owns at La CalaResort, Mijas, Costa del Sol, Spain, in a cash deal. The purchasing company isDesarrollos Lar Sol MS. SL ("Lar Sol"). Lar Sol is 50% owned by Groupo Lar SAone of Spain's foremost real estate development, investment and managementcompanies. The remaining 50% is owned by MSREF, a real estate investment fundcontrolled by Morgan Stanley Bank. The net cash proceeds of the sale are estimated to be up to €120m. in phasedpayments. The Board of FBD intends to distribute the proceeds of the sale byway of two special dividends. FBD remains as the majority owner and operator of the resort's leisure interestsand will complete and market its current residential building projects. It willalso continue to own a portion of development land at La Cala. Commenting on the transaction, Philip Fitzsimons, Chief Executive, said: "The deal is very satisfactory. Through judicious investment and strategicmanagement over the years, the potential identified originally at La Cala hasbeen developed and substantial value has been created for shareholders. Asignificant part of this value is now being realised through the land sale andthe proceeds are earmarked for distribution to shareholders. The collaboration which FBD will enter into with Lar Sol arising from thetransaction will advance the ongoing development of the entire La Cala projectas one of Europe's premier holiday and residential resorts". ENDS 23rd February 2006 For Reference: Telephone No. FBD: 01 4093 208 Philip Fitzsimons, Chief Executive Andrew Langford, Finance Director Murray Consultants: 01 4980 300 Joe Murray 086 253 4950 This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FBH.L