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Wed August 12 2020

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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.

Photo from www.alcaidesagolf.com
Photo from www.alcaidesagolf.com

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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MPU
MPU

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