Rugby Estates is pleased to announce the sale of two industrial properties for £5.01 million (approx. €5.5 million) to clients of CBRE Investors. The properties, which were valued at £4.57 million as of July 31, 2009, are located in Cranleigh, Surrey and Acton, London W3.
These disposals represent the latest step in the company's strategy to concentrate on its asset management business and to return capital realized on the disposal of its property portfolio to shareholders. Accordingly, the company intends to make a further return of capital to shareholders of not less than 40 pence per ordinary share within the next few months. A further announcement regarding this will be made in due course.
Commenting, David Tye, Chairman, said: "These sales are a further step in our orderly disposals process over the next three to five years and part of our strategic move to re-position Rugby Estates as an asset management business. The two fully let industrial properties were sold at a significant premium to the last reported valuation. The subsequent return of capital will bring the cumulative amount returned to shareholders since the announcement of this initiative in December 2008 to at least 102.5 pence per currently issued ordinary share."