Royal Mail to Sell Remaining Nine Elms Plots for GBP111.2 Mln

[TrueBlueTerrier]

https://www.marketwatch.com/story/royal ... 1639390497

Royal Mail PLC said Monday that it has exchanged contracts to sell the last three remaining plots on its Nine Elms Park Site to London Square for 111.2 million pounds ($147.6 million).

The British letter-and-parcel courier said the sale of the 3.0 acre site, part of a former depot in the U.K. capital, is on a conditional basis and is expected to complete in early 2022.

A 10% deposit has already been paid on the contract exchange, with the outstanding amount payable on completion.

Profits from the sale will be used in line with the capital allocation policy, with around GBP35 million to be reinvested into the Nine Elms site. The plots have been sold with planning consent to include up to 756 residential units, of which 133 will be affordable.

"The new development will create more housing, including affordable units, as well as community facilities and more public space," said Martin Gafsen, Royal Mail's group director of property and facilities solutions.

Shares at 1008 GMT were up 6.9 pence, or 1.4%, at 491.6 pence.

[ted_e_bear]

That's great news, presumably they'll invest some of the money into the business and get us some new vans and perhaps even a postie or two to fill some of the vacancies.

[Phantom]

That's great news, presumably they'll invest some of the money into the business and get us some new vans and perhaps even a postie or two to fill some of the vacancies.

No, it will go straight to shareholders as part of their continuation of asset stripping.