Renew Holdings Regulatory News (RNWH)

21 Aug 2006 13:36

Renew Holdings PLC21 August 2006 Renew Holdings plc ("Renew" or the "Group") Sale of Property Renew is pleased to announce that it has sold its freehold property at 39Cornhill, which houses the Group's head office, for a consideration of £11.3million net of fees and other disposal costs. Profit on the sale wasapproximately £0.4m and will be used for general corporate purposes. The Group no longer considers ownership of the property to be appropriate inlight of its reduced level of occupancy, and has therefore entered into a moreefficient lease arrangement. The majority of the proceeds will be used toredeem the mortgage on the property, which will result in an additional £0.6million in annual interest savings. The Group's head office function willcontinue to occupy the third floor at 39 Cornhill. 21 August 2006 Enquiries: Renew Holdings plc Tel: 020 7522 3200 Brian May, Chief Executive College Hill Tel: 020 7457 2020 Matthew Gregorowski This information is provided by RNS The company news service from the London Stock Exchange