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23 Sep 2013 07:00
23 September 2013
STOBART GROUP LIMITED
('Stobart' or 'the Group')
Property Disposal
Stobart announces that it has exchanged contracts for the sale of its investment property at Admiral Retail Park in Eastbourne to Clerical Medical Managed Funds Limited for £25.0 million in cash.
The property was valued at £24.05m on 28 February 2013, the Group's year end, and generated annual rental income of £1.6m. The disposal price represents a yield of 6.125% and a gain of £2.1m since the acquisition of the Property by the Group in 2012.
Completion is expected to occur on 27 September 2013. The proceeds will be held in cash pending reinvestment in the property portfolio or repayment of debt.
Enquiries:
Stobart Group | +44 1925 605 400 |
Andrew Tinkler, Chief Executive Officer Ben Whawell, Chief Financial Officer
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Lansons Communications |
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Tony Langham (tonyl@lansons.com) | +44 20 7294 3617 +44 7979 692287 |
Anna Schirmer (annas@lansons.com)
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i-nfluence Associates | +44 20 7287 9610 |
Stuart Dyble/James Andrew
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About Stobart Group
With over 5,900 employees operating from more than 50 sites across the UK and Europe, Stobart is a UK front-runner in the multimodal logistics, warehousing, civil engineering, rail infrastructure and biomass fuel sectors. At the core of the Group is the Transport and Distribution division, incorporating Eddie Stobart - the iconic name behind a huge road haulage fleet totalling some 2,400 vehicles, over 3,000 trailers and over seven million square feet of warehousing. Stobart Estates, Stobart Infrastructure and Civils, Stobart Air and Stobart Biomass divisions complete the Group's business structure.
www.stobartgroup.co.uk
STOB.L (STOB)
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