Sale of Land etc
February 23 2006 - 10:39AM
UK Regulatory
RNS Number:8658Y
FBD Holdings PLC
23 February 2006
PRESS RELEASE
FBD Holdings plc ("FBD" or "the Group")
Sale of land at La Cala Resort, Spain ("La Cala")
and
Intention to distribute cash to shareholders by special dividends,
pursuant to completion of the land sale
FBD today announces that the Group has entered into a conditional agreement to
sell a major portion of the building development land which it owns at La Cala
Resort, Mijas, Costa del Sol, Spain, in a cash deal. The purchasing company is
Desarrollos Lar Sol MS. SL ("Lar Sol"). Lar Sol is 50% owned by Groupo Lar SA
one of Spain's foremost real estate development, investment and management
companies. The remaining 50% is owned by MSREF, a real estate investment fund
controlled by Morgan Stanley Bank.
The net cash proceeds of the sale are estimated to be up to Euro120m. in phased
payments. The Board of FBD intends to distribute the proceeds of the sale by
way of two special dividends.
FBD remains as the majority owner and operator of the resort's leisure interests
and will complete and market its current residential building projects. It will
also continue to own a portion of development land at La Cala.
Commenting on the transaction, Philip Fitzsimons, Chief Executive, said:
"The deal is very satisfactory. Through judicious investment and strategic
management over the years, the potential identified originally at La Cala has
been developed and substantial value has been created for shareholders. A
significant part of this value is now being realised through the land sale and
the proceeds are earmarked for distribution to shareholders.
The collaboration which FBD will enter into with Lar Sol arising from the
transaction will advance the ongoing development of the entire La Cala project
as one of Europe's premier holiday and residential resorts".
ENDS
23rd February 2006
For Reference:
Telephone No.
FBD:
01 4093 208
Philip Fitzsimons, Chief Executive
Andrew Langford, Finance Director
Murray Consultants:
01 4980 300
Joe Murray
086 253 4950
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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