MADRID: Costain Alcaidesa Limited has agreed to the sale of Alcaidesa Holding S.A.U to Millenium Hotels Real Estate, a real estate investment fund based in Spain, for total cash consideration of €15.2 million.
The disposal, which is to be effected by way of share sale, is subject to the satisfaction of certain conditions to completion which are expected to be satisfied shortly. Completion of the disposal is therefore expected to take place this week.
Alcaidesa Holding S.A.U and its wholly owned subsidiary, Alcaidesa Golf S.L.U, own and operate two golf courses, land and a club house in Cadiz, Spain.
In addition, Costain is also seeking a potential purchaser of its 624-berth Marina Concession. The disposal and the potential disposal of the Marina Concession is part of Costain’s strategy to divest its non-core business assets in Spain.
The disposal, combined with the potential sale of the Marina Concession, will result in an aggregate loss on disposal and fair value asset impairment of £8.9 million. This will be included within the Group’s 2019 financial statements as a one-off non-cash charge.