REG - Origin Enterprises - Disposal of Cork Docklands Landholding

Origin EnterprisesAnnouncement

09/07/2019 07:06

RNS Number : 8594E
Origin Enterprises Plc
09 July 2019
 


Origin Enterprises plc
 
Enters into Conditional Agreement
to Dispose of Cork Docklands Landholding
 
Disposal is subject to a number of conditions
which, if all fulfilled, results in a €3.5m gain
 
9 July 2019
 
 
Origin Enterprises plc ('Origin' or 'the Group') announces that it has reached conditional agreement for the disposal of up to 31 acres of land owned by the Group in Ireland at South Docklands in Cork ('Docklands') to O'Callaghan Properties for a cash consideration of up to €47.5 million ('the Transaction').
 
The Cork Docklands area has been designated for future urban development.
 
The Transaction is subject to the satisfaction of a number of conditions necessary to realise the full disposal proceeds including the granting of various permissions and approvals and the relocation of the Group's existing operating business in Docklands at an economically viable cost to an alternative location in Cork.
 
O'Callaghan Properties is a well-established Cork based property developer with an impressive 50-year track record of residential, commercial and retail property completions in Ireland and the UK.
 
The estimated gain on disposal is approximately €3.5m assuming the full disposal proceeds are realised. 
 
Commenting on the announcement, Origin Chief Executive Officer, Tom O'Mahony said:
 
"We look forward to actively working with O'Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork City in line with the Government's National Development Plan 2040."
 
 
ENDS
 
 
 
 
Enquiries
 




Origin Enterprises plc


 


 




Sean Coyle


 


 




Chief Financial Officer


Tel:


+353 (0)1 563 4959




 


 


 




Brendan Corcoran


 


 




Head of Investor Relations and Group Planning


Tel:


+353 (0)1 563 4900




 


 


 




Goodbody (Euronext Growth (Dublin) Adviser)


 


 




Siobhan Wall


Tel:


+353 (0)1 641 6019




 


 


 




Davy (Nominated Adviser)


 


 




Anthony Farrell


Tel:


+353 (0)1 614 9993




 


 


 




Numis Securities (Stockbroker)


 


 




Stuart Skinner


Tel:


+44 (0)20 7260 1314




 


 


 




FTI Consulting (Financial PR Advisers)


 


 




Patrick Berkery / Jonathan Neilan


Tel:


+353 (0)1 765 0884




 
 
 
 
About Origin Enterprises plc
 
Origin Enterprises plc is a focused Agri-Services group providing specialist on-farm agronomy services, digital agricultural services and the supply of crop technologies and inputs.  The Group has leading market positions in Ireland, the United Kingdom, Belgium, Brazil, Poland, Romania and Ukraine.  Origin is listed on the Euronext Growth (Dublin) and AIM markets of the Irish and London Stock Exchanges.
 
Euronext Growth (Dublin) ticker symbol:           OIZ
AIM ticker symbol:                                             OGN
Website:                                                           www.originenterprises.com
 




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