Disposal of Property

RNS Number : 1890I

Kier Group PLC

01 July 2013

 



Kier Group plc

Disposal of Property

Kier Group plc ("Kier") is pleased to announce that, on 27 June 2013, it completed the disposal of certain properties located at Bell Green Retail Park, Sydenham, London (the "Property") to Kier Sydenham LP (the "Buyer"). The Property comprises a retail warehouse park and light industrial units located in South East London.  

The Buyer is a limited partnership, 50% of which is owned by Kier, with the remaining 50% owned by the trustees of the Kier Group Pension Scheme. 

The consideration for the sale was £46 million, which was paid in full in cash on completion, and will be used to supplement Kier's existing cash balances. The disposal gives rise to a profit of approximately £2 million, which will be disclosed in Kier's financial statements as at, and for the year ending, 30 June 2013.

The Property was carried in Kier's books as at 31 December 2012 at £11 million. However, there have been further construction works undertaken to the Property prior to completion of the disposal.

Enquiries

Kier Paul Sheffield, Chief Executive Haydn Mursell, Finance Director	[phone]
RLM Finsbury	[phone]
Faeth Birch	[phone]
Charlotte Whitley	[phone]

Note to editors:

About Kier

Kier is a leading construction, services and property group, specialising in building and civil engineering, support services, commercial property development, structured property financing and private and affordable housing. Kier employs over 10,000 people worldwide and has an annual revenue of £2.1bn. For more information, contact Kier's communications department on [phone] or visit www.kier.co.uk.

 

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