LONDON (dpa-AFX) - The Board of Ei Group plc announced that it has entered into sale agreements with Tavern Propco Limited in relation to 370 properties comprising public houses and other commercial properties for expected gross aggregate cash consideration of 348 million pounds. The purchaser has paid Ei Group a deposit of 33.66 million pounds, which is non-refundable.
Ei Group said a significant proportion of the disposal proceeds will be used to reduce the level of the Group's outstanding debt. Also, the disposal provides the Board with the opportunity to consider more immediate returns to shareholders.
Simon Townsend, CEO of Ei Group said: 'We are very pleased to have agreed the sale of the Portfolio, which is in line with our strategy of delivering attractive and sustainable returns to shareholders by unlocking the embedded value and optimising the returns from every asset within the business.'
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