LONDON (Alliance News) - Ground engineering firm Keller Group PLC on Friday said it has struck a GBP62.0 million deal to acquire the freehold on a processing and warehousing facility in Avonmouth, new Bristol.
Keller has acquired the property from GJ3 Ltd and GJ4 Ltd, pursuant to a previously-announced contract dispute related to a project completed in 2008.
Keller said the final liability from the dispute is partially dependent on the value of the property after some remedial works have been carried out. Keller, in order to maximise the value, decided to buy the property now and will market it to third parties imminently, with a view to completing a sale by the end of the year.
The deal has been financed via a new bank facility raised for the purpose of completing the deal, Keller said, and will not impact on Keller's trading.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Keller (KLR)