Exchange of Contracts for sale of Linton Park
Camellia Plc has exchanged contracts for the sale of Linton Park, including remaining properties and artwork, for gross proceeds of £11.0 million, with completion expected by April 22nd and an anticipated profit of £0.4 million. This sale is part of a broader disposal of non-core UK investment real estate, which over the past eighteen months is forecast to realise £18.7 million in gross proceeds and an aggregate profit of £1.4 million, while reducing annual costs by approximately £0.4 million. Following this transaction, Camellia will hold only two UK investment properties valued at £1.7 million, with the proceeds intended to support the Company's Value Enhancement Plan by increasing investment in higher-return operating assets.
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Camellia is pleased to announce the exchange of contracts for the sale of Linton Park including the remaining properties and artwork of the Linton Park estate for gross proceeds of £11.0 million. Completion of the sale is expected on or before 22 April. At completion, the transaction is expected to realise a profit of £0.4 million.
In total, the sale of all the properties and artwork of the Linton Park estate over the past eighteen months is forecast to realise £18.7 million of gross proceeds with an aggregate profit on sale of £1.4 million. We anticipate that the sale of these properties will reduce annual costs by c.£0.4 million.
The Company has been actively disposing of its non-core investment real estate in the UK. Following completion of this transaction, Camellia will only hold two UK investment properties, valued at £1.7 million.
The proceeds from these disposals will support the Company's Value Enhancement Plan, which includes increasing investment into higher-return operating assets to generate long-term growth in shareholder value.
596/2014, as part of UK domestic law via the European Union (Withdrawal) Act 2018.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.