Keller acquired the sold the freehold of a processing and warehousing facility at Avonmouth, near Bristol, in May 2016 to settle a contract dispute arising on a project completed in 2008.聽 Since that time, Keller has received around 拢4m of rental income from it.
It has now sold the building to CSUK1 Holdings Ltd and CSUK1 Investments Ltd for 拢62m cash.
Keller said that most of the proceeds would be used to repay the 拢48m bank facility raised for the original acquisition of the property. The property is held on the company鈥檚 balance sheet at a value of 拢54m.聽 Keller has therefore booked a profit on the deal of 拢8m before costs, which will be included as an exceptional profit in the 2017 interim results.
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