Brief: Royal Mail sells Paddington site for 111 mln stg

Hotel Properties

14/10/2014 13:44

Oct 14 (Reuters) - Royal Mail Plc  RMG.L :  
    * Disposal of Paddington site 
    * Contracts exchanged for sale of its former Paddington mail 
centre site at London street to Great Western Developments 
Limited for £111 million in cash 
    * Ten per cent non-refundable deposit of £11.1 million is 
payable upon exchange of contracts 
    * Remaining proceeds will be payable upon completion, which 
is expected to take place on 8 December 2014 
    * If purchaser sells site within 2 years of completion, it 
has agreed to pay Royal Mail Group Limited 50 percent of any net 
sale proceeds above £111 million, if sold within first year and 
25 percent if sold within second year 
    * Net cash proceeds of sale of around £108 million will be 
used for general corporate purposes 
 
Source text for Eikon:  ID:nRSN2666Ua  
Further company coverage:  RMG.L  
 
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Keywords: ROYALMAIL/BRIEF