Factory outlet centre developer and operator Freeport has exchanged contracts to sell the leisure complex next to its outlet centre at Braintree, Essex.
The disposal of Freeport's wholly-owned Braintree Leisure subsidiary is in line with the board's strategy to offload fully-mature or non-core assets.
Freeport chairman Sean Collidge said: 'This is the first of several planned disposals.' Established Freeport outlet villages and adjacent leisure and restaurant units are likely to be sold off.
Freeport is selling Braintree Leisure for£16.5 million, reflecting a yield of 6.7 per cent, although the purchaser has not been disclosed.
The sale represents full value for the asset and a premium to the leisure complex's book value, said Collidge.
The proceeds of the sale, of which£2 million is to be paid in September when the deal is expected to complete, will be used to reduce Freeport's gearing. Freeport will receive an interest-bearing secured loan for the balance, payable no later than three years after completion.
A proposed bid for Freeport collapsed last month. At the time, Collidge said the bid 'was wholly inadequate and fundamentally undervalued the assets of Freeport'.
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