Life Style Extra / AFX - September 22, 2006
Christian Salvesen PLC said one of its UK units has exchanged contracts for sale and leaseback arrangements in respect of certain of its properties to Carisbrooke Investments Ltd Partnership, namely the distribution warehouses at Leigh, Motherwell, Normanton and Hinckley and cold stores at Nuneaton and Bedworth.
The sale and leaseback is expected to be completed on Sept 27 and the total payable to Christian Salvesen is 47.5 mln stg in cash. At March 31 2006 the net book value of the properties agreed to be sold was 19.3 mln. The money from the sale will be used to repay existing bank borrowings.
The leases which are to be granted to Christian Salvesen as part of the transaction are for a period of 10 years, except for the property at Bedworth where the Group is to take a lease for 15 years.
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Saturday, September 23, 2006
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