Electronics Production | November 01, 2007
Stadium sale of freehold property at Hartlepool
On 3 September 2007 UK Based EMS provider Stadium Group said that the exchange of the contracts for the sale of its surplus freehold property, currently let to tenants at Hartlepool, with net book value of approximately £ 3,25 million.
Completion was expected during October with net proceeds of approximately £ 3,4 million. On 12 October 2007 the major tenant entered administrative receivership. As a consequence, the buyer of the property which is a privately held company has requested additional time to effect completion. On 26 October 2007 a tri-partite agreement was reached between the company, the tenant and the property buyer which secures the rental income from the property for the duration of the administrative receivership subject to a minimum of the three months notice. Completion of the contract for the sale of the property is expected in due course, and the Company continues to earn rental income until actual completion takes place.