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O Twelve Estates

  • BY: Andrew Hore |
  • POSTED: 31/03/2010 |

East London property investor O Twelve Estates has sold a Swanley industrial estate for £24.4m, against its most recent valuation of £17.8m. 

This has helped cut the company’s loan from Nationwide Building Society to £145m. The facility is due to be reduced to £140m by March 2011 so O Twelve is on course to do that. The overall facility lasts until December 2014.

The gain on the disposal will help to wipe out the net liabilities on the O Twelve Estates balance sheet.

At 9.125p a share, up 1.5p on the day, O Twelve is valued at £11.2m.

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