Sale of building

10 Jan 2007 07:30

Sutton Harbour Holdings PLC10 January 2007 Sutton Harbour Holdings plc ("the Company") Announcement of Sale of DWP Building The Company is pleased to announce that is has exchanged contracts for the saleof the Department of Work and Pensions (DWP) building for a consideration of£13.6 million. In addition, the Company retains a long leasehold interest in theground floor of the building which is the subject of a put and call option at afixed price of £1 million exercisable after May 2007. As a result of the sale of the DWP building the profits from the propertyregeneration division will be significantly greater than our previousexpectations. The transport division has continued to experience difficulttrading conditions and therefore lower than anticipated profits, so the profitsfor the Company as a whole for the year ending 31 March 2007 are expected toexceed slightly previous market expectations. The funds released from the sale of DWP building will be reinvested in otherproperty regeneration projects. This information is provided by RNS The company news service from the London Stock Exchange