World News: 10:56 GMT Friday 12th October 2018. [Gabriel Holding A/S via Globe Newswire via SPi World News]
In March 2016, management started the process of selling the subsidiary Gabriel Ejendomme A/S.
Gabriel Holding A/S has today signed a Letter of Intent with the pension group PenSam with a view to selling the entire share capital of its fully-owned subsidiary Gabriel Ejendomme A/S.
The total sale price is DKK 150 million, from which interest-bearing debt and deferred tax of Gabriel Ejendomme A/S must be subtracted. The transaction concerning transfer of the property company to the pension group PenSam is expected to take place around 1 April 2020.
The transaction is subject to satisfactory due diligence and amendment of the local development plan to permit building of residences on the property.
As part of the sale agreement, the operating company Gabriel A/S has entered into a non-terminable 15-year lease with Gabriel Ejendomme A/S for the entire commercial area of currently approximately 6,900 m.
Gabriel A/S has the right to sublease the area and will continue the letting business known in Aalborg as Gabriel Erhvervspark.
If the sale of the share capital is completed in accordance with the signed Letter of Intent, this will result in net income for the Group of approximately DKK 53 million in the financial year in which the transaction is finalised (expected to be the 2019/20 financial year). A sale of the property company is expected to increase the Group’s liquidity by approximately DKK 100 million in due course.
The management will advise as soon as there is any news on this.
Gabriel Holding A/SHjulmagervej 559000 Aalborg, DenmarkPhone: +45 9630 3100Contact: Anders Hedegaard Petersen, CEO
Globe Newswire: 10:56 GMT Friday 12th October 2018
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