(Alliance News) - Capital & Counties Properties PLC on Monday said it has received GBP105 million of the deferred cash consideration from the sale of Earls Court, London to pension fund asset manager APG and real estate asset manager Delancey.
In November 2019, the FTSE 250-listed property investment & development company stated it had sold the Earls Court business for GBP425 million.
In December, it announced the completion of the sale, adding it had secured initial net proceeds of GBP156 million, with a further GBP211 million expected to be received over the next two years. In March 2020, the company noted only a further GBP120 million was due to be received from the sale.
On Monday, Capital & Counties said it has received GBP105 million, stating the proceeds will be used to reduce borrowings under its Covent Garden revolving credit facility. The final payment of GBP15 million is scheduled to be received in November 2021.
Separately, the company said based on its net debt and the value of its portfolio as at June, its total net debt stands at around GBP700 million, with net debt for its Covent Garden business at around GBP475 million.
Shares in Capital & Counties were trading 2.9% higher at ZAR27.98 on Monday morning in Johannesburg. In London, its shares were 0.5% higher at 136.70 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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