Kimberly Enterprises sells Canadian land plots

21st Sep 2015 13:41

(ShareCast News) - AIM-listed residential property developer Kimberly Enterprises has reached an agreement to sell two plots of land in Canada for a total cash consideration of CAD$20.2m.The properties are hold indirectly by Montreal Residential Holdings Master Limited Partnership (MLP), in which Kimberly has a 20% interest in future distributions.Kimberly said it will get 20% of the net cash proceeds from the disposals, which amounts to around CAD3.74m or €2.5m.The company said that based on prior agreements with Engel Resources and Development (ERD), all net proceeds generated from its assets in Canada will be used to repay part of the group's outstanding debts to ERD, which stood at €24.6m as at 30 June 2015.Shares in Kimberly Enterprises were untraded on Monday.