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Kimberly Enterprises Offloads Canadian Residential Developments

Wed, 13th Jan 2016 09:55

LONDON (Alliance News) - Eastern Europe-focused residential property developer Kimberly Enterprises NV on Wednesday said it has completed the sale of its two residential developments in Canada for CAD20.2 million, or around GBP9.8 million.

The properties are held indirectly by Montreal Residential Holdings Master LP, in which Kimberly holds a 20% interest in future distributions.

Kimberly expects to get around CAD3.7 million, or GBP1.8 million, of the total sale proceeds, equating to a profit on the disposal of around CAD1.7 million, or GBP827,000.

Kimberly shares were down 6.4% to 0.398 pence Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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