Sea Containers Sells Remaining Properties in Newhaven Port
Friday, December 30, 2005
Sea Containers Ltd. has completed the sale of Newhaven Marina, West Quay and Railway Quay in Newhaven, East Sussex, England to Oakdene Homes PLC for $20.7 million (GBP11.25 million) in cash. Sea Containers will report a profit on the transaction of $10.4 million in the fourth quarter of 2005 and proceeds from the sale will be used to reduce company debt.
Sea Containers has now sold almost all of its port property interests in the UK and the sale forms part of Sea Containers' ongoing strategy to focus on its core businesses.