Keller announces that it has sold the freehold of a processing and warehousing facility at Avonmouth, near Bristol, for a cash consideration of £62m.
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.
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.
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.