MJGleeson Regulatory News (GLE)

3 Jul 2006 10:55

Gleeson(M J)Group PLC03 July 2006 M J GLEESON GROUP PLC £27.9m disposal of the majority of the commercial property investment portfolio As part of the strategic review announced on 31 March 2006 and further to lastFriday's announcement of the disposal of Concrete Repairs Limited, Gleesonannounces that on 30 June 2006 it disposed of the majority of its commercialproperty investment portfolio for £27.9m in cash, exclusive of VAT, following acompetitive tender process. • Properties with a gross asset value of £14.0m as at 30 June 2005 and net annual rent of £0.5m for the year ended 30 June 2005 are sold for £17.8m to Teesland IOG, a property fund and asset management company. • Properties with a gross asset value of £5.5m as at 30 June 2005 and net annual rent of £0.2m for the year ended 30 June 2005 are sold for £6.8m to Maybrook Properties Limited, a property investment company. • Properties with a gross asset value of £2.2m as at 30 June 2005 and a net annual rent of £0.2m for the year ended 30 June 2005 are sold for £3.3m to Kiln Lane Limited, a property investment company. The net proceeds will be used to reduce Gleeson's indebtedness. Enquiries : M J Gleeson Group plc 020-8644 4321 Terry Massingham (Chief Executive) Paul Wallwork (Finance Director) Close Brothers Corporate Finance Limited Peter Alcaraz 020-7655 3139 Bankside Consultants Limited Charles Ponsonby 020-7367 8851 This information is provided by RNS The company news service from the London Stock Exchange