Royal Mail sells Paddington site for £111,000,000

[TrueBlueTerrier]

Royal Mail sells Paddington site for 111 mln stg http://uk.reuters.com/article/2014/10/1 ... Z720141014" onclick="window.open(this.href);return false;

(Reuters) - Royal Mail Plc :

* Disposal of Paddington site

* Contracts exchanged for sale of its former Paddington mail centre site at London street to Great Western Developments Limited for £111 million in cash

* Ten per cent non-refundable deposit of £11.1 million is payable upon exchange of contracts

* Remaining proceeds will be payable upon completion, which is expected to take place on 8 December 2014

* If purchaser sells site within 2 years of completion, it has agreed to pay Royal Mail Group Limited 50 percent of any net sale proceeds above £111 million, if sold within first year and 25 percent if sold within second year

* Net cash proceeds of sale of around £108 million will be used for general corporate purposes Source text for Eikon: Further company coverage:

[Jefferson Starfish]

That's Moya's bonus sorted.

[Lounge Lizard]

That's Moya's bonus sorted.

- or several hundred pounds each in the 'incentive scheme' we've not heard anything about lately.

[Hitcher]

Shares have gone back up, lol.