Keller Group PLC Sale of Property (7931E)
11 May 2017 - 4:01PM
UK Regulatory
TIDMKLR
RNS Number : 7931E
Keller Group PLC
11 May 2017
For immediate release 11 May 2017
Keller Group plc
Sale of Property
Keller Group plc ("Keller" or "the Group"), the world's largest
geotechnical contractor, announces that it has sold the freehold of
a processing and warehousing facility at Avonmouth, near Bristol,
to CSUK1 Holdings Limited and CSUK1 Investments Limited for a cash
consideration of GBP62m.
As previously announced, Keller acquired the property in May
2016 pursuant to a settlement agreement in connection with a
contract dispute arising on a project completed in 2008. Since that
time, the Group has received around GBP4m of rental income, which
has been treated as an exceptional item.
Most of the proceeds will be used to repay the GBP48m bank
facility raised for the original acquisition of the property.
The property is held on the Group's balance sheet at a value of
GBP54m. The sale therefore realises a profit of GBP8m before costs
which will be included as an exceptional profit in the Group's 2017
interim results.
For further information, please contact:
Keller Group plc www.keller.com
James Hind, Finance Director 020 7616 7575
Finsbury
Gordon Simpson, Theo Hildebrand 020 7251 3801
Notes to Editors:
Keller is the world's largest geotechnical contractor, providing
technically advanced geotechnical solutions to the construction
industry. With annual revenue of around GBP1.8bn, Keller has
approximately 10,000 staff world-wide.
Keller is the clear market leader in the US, Canada, Australia
and South Africa; it has prime positions in most established
European markets and a strong profile in many developing
markets.
LEI: 549300QO4MBL43UHSN10
Classification: Inside Information (DTR Annex 1)
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations. On the publication of this
announcement via a Regulatory Information Service ("RIS"), this
information is considered to be in the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISOKKDNFBKDOPD
(END) Dow Jones Newswires
May 11, 2017 02:01 ET (06:01 GMT)
Keller (LSE:KLR)
Historical Stock Chart
From Apr 2024 to May 2024
Keller (LSE:KLR)
Historical Stock Chart
From May 2023 to May 2024