Disposal of 50% shareholding
Savills Plc ('Savills')
Sale of 50% shareholding in Infinergy Limited ('Infinergy')
(12 June 2008) Savills, the international property adviser, is pleased to announce the sale of its 50% share in Infinergy to its joint venture partner, Koop Duurzame Energie B.V. ('Koop'), a subsidiary of Koop Holding bv.
Infinergy was set up in 2003 to identify sites in the UK for the development of wind farms. Whilst a number of sites have been targeted for potential wind farm operation, no site has yet received planning permission to construct a wind farm. The next phase in the development of Infinergy, which is non-core to Savills, will be increasingly capital intensive.
For the year ended 31st December 2007, Infinergy had gross assets of £0.6m. The loss before tax attributable to the assets for the year ended 31st December 2007 was £2.0m.
The sale proceeds are £23m, payable in three instalments: £4m on completion; £9m in October 2008 and £10m in December 2009. The last payment includes interest of £1m. The deferred payments are underwritten by bank guarantees.
The profit before tax to be recognised by Savills in its accounts for the year ending 31st December 2008 will be approximately £17m.
Savills will use the funds for continued investment in its core businesses.
Commenting on the sale, Jeremy Helsby, Group Chief Executive of Savills Plc, said:
'After five years of working closely with Koop, we are delighted that they are now taking full ownership of Infinergy to take the business on to the next level. We wish them well. The creation of Infinergy has been a great success for Savills, demonstrating again the benefits of our entrepreneurial approach to business and our willingness to back the initiatives of our staff. I would like to thank them for the value they have created for Savills and its shareholders.'
Enquiries:
|
Savills plc Jeremy Helsby Mark Dearsley |
(020 7409 8934) |
|
Citigate Dewe Rogerson Simon Rigby Lindsay Noton |
(020 7638 9571) |
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