Disposal of Norwegian Propert

RNS Number : 4558O

Fisher (James) & Sons PLC

30 June 2010

 



Wednesday 30 June 2010

JAMES FISHER AND SONS PLC

DISPOSAL OF NORWEGIAN PROPERTY ASSETS

James Fisher and Sons plc (James Fisher) today announces the disposal of its wholly owned Norwegian subsidiary ScanTech Eiendom AS  (STE) to Dusavika Eiendomsinvest AS (DE).

STE is a property company which owns the newly completed Stavanger head office of James Fisher Norway & ScanTech AS (ST).  DE is a property investment company with Pareto Project Finance as arranger.  ScanTech AS, the principle operating company of James Fisher's Norwegian activities, has entered into a 15 year lease agreement with DE (with two further five year options) to occupy the building, based on a yield of circa 7.0%. The transaction is based on a property value of NOK 172 million (GBP 17.8 million).

James Fisher also announces that it has sold its office and workshop facilities in Haugesund, Norway for NOK 6.6 million (GBP 0.68 million) to the local port operating company.  Following the disposal of its subsidiary Reanco AS in 2009, the office and workshop facilities in Haugesund were short leased to the buyers of Reanco and are no longer required by James Fisher.

The total consideration for these two sales amounts to GBP 18.5 million which approximates to book value.  Proceeds will be used to repay bank debt.

EC Hambro Rabben & Partners acted as corporate finance advisors to James Fisher.

Contacts:

James Fisher and Sons plc	Tim Harris	Chairman	020 7614 9508
Scan Tech AS	Chris Stevens	Managing Director	00 47 51 545454
E C Hambro Rabben & Partners	Eivind Rabben Kristine Tveteraas		020 7355 4100
Financial Dynamics	Richard Mountain		020 7269 7186

 

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