NEWBURY RACECOURSE PLC - Land Sale
PR Newswire
London, December 4
4 December 2020
Newbury Racecourse plc (the "Company")
Non-core Land sale - Opperman Site
The Company announces that today it completed the sale of a 1.2 acre land parcel (the "Non-core Land Parcel"), known as the Opperman Site, on the northern perimeter of the racecourse, to Progressive Technology Limited for a cash consideration of £1.5 million.
The sale price of the Non-core Land Parcel is equal to the asset value at which it was held on the Company's balance sheet dated 31 December 2019.
The Non-core Land Parcel was originally acquired by the Company in 2004 as part of a larger land acquisition which was made to enable an additional access route onto the racecourse on the northern perimeter. Following construction of the new access bridge as part of the redevelopment at the racecourse, the Non-core Land Parcel is no longer required for the current or future operation of the racecourse.
The consideration received from the sale of the Non-core Land Parcel will be used to reduce the indebtedness of the Company.
Ends
For further information please contact:
Newbury Racecourse plc Tel: 01635 40015
Julian Thick (Chief Executive)
Harriet Collins (Head of Communications)
Hudson Sandler Tel: 020 7796 4133
Charlie Jack
