Hammerson buys Railtrack property unit

Property firm Hammerson Plc said on Friday it had bought a real-estate unit from the remnants of BritainÂ's collapsed railway operator Railtrack Group, now known as RT Group, for 63 million pounds ($101 million).

The sale of the unit, which owns interests in a portfolio of 24 property development sites around the UK including Victoria Station in London, is the final step in the property disposal program of RT Group as it goes into liquidation. A non-dividend company, Network Rail, bought the part of Railtrack that controlled the railway network. RT Group is a holding company for the remaining assets.

At the time shareholders voted to put RT Group into liquidation in October, the firmÂ's assets comprised the property unit -- known as RT Group Developments Ltd (RDL) -- around 1.2 billion pounds cash and some telecoms interests.

Liquidators Deloitte and Touche said they continued to expect to return between 252 and 260 pence per share to investors. An initial payment of 200p per share is expected on January 10.
Shares in Hammerson closed on Friday down 0.4 percent, or two pence, at 466p.

(source: Reuters)

Related News