Transaction / Assets Seller Buyer € MM
Adveo Sells An Industrial Warehouse In Cornellà For €4M
17 March 2016 – Diario Vasco
Through its subsidiary Monte Urgull, Adveo has completed the sale of an industrial warehouse in Cornellà de Llobregat (Barcelona) to Rentauro for €4 million. The consideration has already been received in full by the office supply company.
The operation, which forms part of Adveo’s new strategic plan, has generated a loss of more than €1 million for the group, according to a statement made by the company to Spain’s National Securities Market Commission (CNMV).
No debt was associated with the asset and so the net amount from the operation will be recorded directly as cash and will contribute to reducing the company’s net debt, which, amounted to €305 million as at 31 December 2015.
The property, acquired by Monte Urgull in 2002, has been leased since its purchase to the entity Saint Gobain Idaplac, but that lease contract is due to end in May this year.
Original story: Diario Vasco
Translation: Carmel Drake