Kelda announces today that its property subsidiary, Keyland Developments Ltd, has sold its interests in White Rose (Leeds) Ltd and White Rose Development Enterprises Ltd, to its joint venture partner, Evans of Leeds Ltd.
These sales include its interests in the White Rose Shopping Centre in Leeds and business parks currently being developed in York and Follingsby near Gateshead.
Land at Skelton in South Leeds and a number of land options will remain within the joint venture ownership until further development takes place. Evans will manage the land at Skelton and the options on behalf of the joint venture.
The cash proceeds of sale, including the payment of intra-group loans, are £36.1 million, which will be used to both reduce group debt as well as allowing Keyland to continue to develop its property portfolio.
Commenting on the sales, Kelda's Deputy Chief Executive James Newman said: "This latest disposal is another step in the delivery of our strategy of focusing on our core business interests. The cash proceeds received brings the total raised from recent disposals to over £120 million."
