SBM Offshore Completes Real Estate Divestment
SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio. The last of the three buildings was sold for approximately US$62 million net of expenses, resulting in a book profit of approximately US$58 million.
On December 17, 2013 the Company reported the sale and lease back transactions for two of the three buildings with sales proceeds exceeding US$100 million and resulting in a book profit of approximately US$30 million.
Today's announcement concludes the sale and lease back of SBM Offshore's approximately 10,000 square metre portfolio of Monaco real estate. As a result, the Company will pay a market conforming rent for office space of this size and quality. Total proceeds net of expenses resulting from the transactions are in excess of US$162 million with a total book profit of approximately US$88 million.