News blog
Property Recycling
- BY: Andrew Hore |
- POSTED: 09/09/2009 |
Property Recycling has granted two options over land at its Brigg site.
This will generate a fee of £600,000, of which £300,000 is non-refundable. The options are for one year and can be extended for two further two year periods. They cover 41.5 hectares of the 50 hectares site. A five hectare site is already under option to ECO2 North Lincs Ltd for a potential biomass plant.
In the first year the option holder will assess the suitability of the site for its proposed use.
If Property Recycling fails to satisfy certain specific conditions then it will have to return the other £300,000 of the option fee. If the options are exercised the total sale value would be around £8m.
At 19.5p a share, the brownfield land investor is valued at £7.06m. The company’s net asset value was £10.8m at the end of June 2009.
The company has eight freehold sites covering 346 hectares. They have planning approval for industrial, commercial, residential or leisure use.
Management says that it is yet to see properties being offered at distressed prices but it believes this will happen.
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