ESKEN LIMITED

Board/Management Information • Sep 23, 2013

National Storage Mechanism | Additional information

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RNS Number : 6078O

Stobart Group Limited

23 September 2013

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
Lansons Communications
Tony Langham ([email protected])	+44 20 7294 3617 +44 7979 692287
Anna Schirmer ([email protected])	+44 20 7294 3605
i-nfluence Associates	+44 20 7287 9610
Stuart Dyble/James Andrew

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 

This information is provided by RNS

The company news service from the London Stock Exchange

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