Kingfisher plc Web Site - August 1, 2007
Kingfisher plc has agreed to sell its freehold property interest in B&Q's new 81,000 square metre (875,000 sq.ft) national distribution centre in Worksop, Nottinghamshire, to a private buyer for a total cash payment of £73 million.
The Worksop site, which was developed by B&Q, will be leased back at an open market rent payable monthly in advance and subject to five yearly index-linked reviews, with a cap. The lease allows B&Q significant operational flexibility. The disposal gives rise to a pre-tax exceptional gain of around £40 million. Kingfisher will use the proceeds to repay existing debt and invest in its worldwide store opening programme.
Duncan Tatton-Brown, Group Finance Director, said: "This is consistent with our policy of recycling property when economically attractive, with the aim of creating value for shareholders."
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Friday, August 03, 2007
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