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Dixons to complete sale and leaseback deal for £59 million

Dixons has exchanged contracts for the sale and leaseback of its Nordic distribution centre in Sweden.

GENERAL MERCHANDISE

Dixons to complete sale and leaseback deal for £59 million

The deal is expected to complete on 23 June and will see a syndicate of investors advised by Norwegian investment firm Ness, Risan and Partners buy the facility for approximately £59 million. Dixons said the estimated book value for the property as of 31 May 2011 was £21 million.

Dixons said proceeds of the sale would be used for general corporate purposes, including offsetting drawings on the Group's revolving credit facility and for repayment of the 6.125% November 2012 Bonds.
 
In April Dixons announced that it would be closing its 34 PC City stores in Spain due to declining sales.

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