April 7, 2017 / 4:14 PM / 3 months ago

BRIEF-Capital & Counties Properties sells its exhibition business for £296 million

1 Min Read

April 7 (Reuters) - Capital & Counties Properties Plc

* Exchanged, completed on sale of Venues, its exhibition business for a total gross cash consideration of £296 million

* Venues sold to consortium of German institutional investors

* Consortium includes Bayerische Versorgungskammer, Versicherungskammer Bayern, DFI European Value Add Fund

* Consortium advised by Deutsche Finance Intl and Yoo Capital, as UK co-investor; CAPCO advised by Rothschild and CBRE

* Following disposal, CAPCO's pro-forma LTV as at 31 December 2016 decreases from 23 percent to 17 percent

* After repayment of £50 million debt, working capital adjustments and transaction-related costs, net proceeds are £229 million Source text for Eikon: Further company coverage:

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