29 Mar 2016 07:00
Stobart Group Limited
29 March 2016
STOBART GROUP LIMITED
("Stobart" or the "Group")
Property Transaction
Stobart, the infrastructure and support services group, announces that it has entered into an Agreement for Lease and an Option to Purchase Agreement with Ford Motor Company Limited, the current tenant of 47 acres of the 53 acre investment property at Speke in Liverpool. A six acre, long-leasehold element not used by the tenant also remains available for future development by the Group.
The Agreement to Lease with the existing tenant is based on a new 20 year lease commencing 1 July 2016 at an initial rent of £2.16m p.a. The existing rent is £1.46m p.a. The tenant also required an Option to Purchase the 47-acre site. An option to acquire the site for £37.0m has been granted, expiring on 30 June 2016. The property under option was purchased for £15.6m.
Andrew Tinkler, Chief Executive Officer commented:
"We are delighted to have agreed terms with our tenant at Speke. This transaction creates significant value for our shareholders and reinforces Stobart's strategy of actively managing our assets and maximising the value of our property investments".
Enquiries:
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