Arena Leisure Plc.(ARE.L) announced the sale of the freehold interests in the marina and caravan park sites located at the Royal Windsor Racecourse to Tingdene Developments Ltd.
The marina and caravan park have previously been operated by the Tingdene group through a lease agreement with Arena, under which Arena shared in the net income of the two operations.
The consideration received for the Disposal is £1.75 million in cash, with exchange and completion occurring on 10 December 2008.
Under the terms of the Disposal agreement, Arena is also entitled to receive a share of any gain resulting from certain future planning consents, should they arise.
The net proceeds of the Disposal will be utilised in funding Arena's working capital and will consequently reduce net borrowings.
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