Rugby Estates plc said it agreed to sell its 50% shareholding in Covent Garden Estates Ltd to Universal Consolidated Group Ltd, its joint venture partner.
Rugby will get 1.2 mln stg for the stake and receive repayment of its loan to CGE amounting to 1.4 mln stg at completion.
Following this sale, the group´s interest in the Covent Garden area is retained through its 9.8 pct investment in the ING Covent Garden Ltd Partnership.
CGE was established in 1995 as a joint venture with UCG to develop properties in the Covent Garden area.
Source: Freeman News