Sale of Property

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 £62m. 

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 £4m of rental income, which has been treated as an exceptional item.

Most of the proceeds will be used to repay the £48m bank facility raised for the original acquisition of the property. 

The property is held on the Group's balance sheet at a value of £54m.  The sale therefore realises a profit of £8m 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 £1.8bn, 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.

 

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