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.
See the latest edition of Aim Journal at
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.