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Sat May 28 2022

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Costain offloads Spanish golf courses

11 Dec 19 Costain will take a one-off £8.9m charge in its 2019 accounts for losses incurred on the disposal of some of its Spanish real estate.

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Costain has agreed the sale of Alcaidesa Holding to Millenium Hotels Real Estate I Socimi S.A., a real estate investment fund based in Spain, for total cash consideration of €15.2m.

Alcaidesa Holding SAU and its wholly owned subsidiary, Alcaidesa Golf SLU, own and operate two golf courses, land and a club house inin southern Andalusia, close to the Gibraltar border.

Costain is also seeking a buyer for its 624-berth marina concession in the area.

The disposals are in line with Costain's strategy to divest its non-core business assets in Spain.

The book loss on the disposal is £4.0m and the fair value asset impairment of the marina concession is £4.9m (based on the estimated potential sale value of £5.9m).

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