7 February 2011 – major disposals

The group has announced two significant disposals, selling its Ayr Central Shopping Centre for £33.8m before costs and, in a separate transaction, also selling optioned land with planning permission for 700 residential units at Buckingham.  The latter disposal to Barratt Developments and Bovis Homes was for an undisclosed amount.  These sales will eradicate the group’s borrowings, allowing it to move to a net cash position.  This is clearly a good start to 2011 and the shares remain a LONG TERM BUY.