31st Jul 2008 09:42
31 July 2008
STOBART GROUP LIMITED
("Stobart" or the "Group")
Statement on Plantation Place
Stobart confirms that it has decided not to make any further investment in its 22% joint venture interest, Plantation Place, London EC3 ("Plantation Place"). Stobart together with its joint venture partners continues to explore a number of options to find a long-term solution for the property that will be in the best interest of all stakeholders.
Plantation Place is a high quality asset, let to a strong tenant base with over 17 years remaining on the leases and there is a positive equity value in this investment. Although the Group will take a prudent view for accounting purposes it hopes to realise a return from this investment in the future.
The Board has previously announced its intention to dispose of this joint-venture property interest when the market presents the right opportunity. The investment is non-core for Stobart and is accounted for as a discontinued operation. There is no cash flow impact of this development.
Stobart's continuing operations are performing in line with management expectations and the integration of the Group's recent acquisitions is proceeding according to management's plans.
For further information:
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Stobart Group |
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Andrew Tinkler, Chief Executive |
01925 605400 |
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Ben Whawell, Finance Director |
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Julie Gaskell, Head of Communications |
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Lansons Communications |
020 7490 8828 |
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Charlie Field |
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Karen Mignon |
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