25 Sep 2012 14:11
25 September 2012
Thomas Cook Group plc
OFFICE BUILDING SALE AND LEASEBACK AGREED
Thomas Cook Group plc (Thomas Cook) today announces that it has completed a transaction with Koramic Real Estate NV (Koramic) to sell and lease back an office property for consideration of €14.3 million (£11.5m at current exchange rates). The property, located in Gent, Belgium, is currently used as an office of Thomas Cook Belgium.
Under the terms agreed with Koramic, Thomas Cook has received cash proceeds of €12.3 million with €2.0 million retained by Koramic as a prepayment of rent.
The Group remains committed to reducing the net debt of the business and this transaction is part of that process. Transaction proceeds will be used to reduce the Group's borrowings and/or for general corporate purposes.
Enquiries
Thomas Cook Group plc +44 (0) 20 7557 6414
Investor Relations
RLM Finsbury +44 (0) 20 7251 3801
Faeth Birch
Notes to editors:
1. As at 31 March 2012, the gross assets recorded in Thomas Cook's accounts in respect of the property were €9.3 million.
2. The leaseback arrangement will be treated for accounting purposes as an operating lease. The transaction is not expected to have a material impact on the earnings of Thomas Cook.
About Thomas Cook Group plc
Thomas Cook Group plc is one of the world's leading leisure travel groups, with sales of £9.8 billion and 23.6m customers. Thomas Cook operates under six geographic segments in 22 countries and is number one or two in our core markets. Its business is supported by 31,000 employees.
Thomas Cook Group plc's shares are listed on the London Stock Exchange (TCG).