Costain has agreed the sale of Alcaidesa Holding to Millenium Hotels Real Estate I Socimi S.A., a real estate investment fund based in Spain, for total cash consideration of €15.2m.
Alcaidesa Holding SAU and its wholly owned subsidiary, Alcaidesa Golf SLU, own and operate two golf courses, land and a club house inin southern Andalusia, close to the Gibraltar border.
Costain is also seeking a buyer for its 624-berth marina concession in the area.
The disposals are in line with Costain's strategy to divest its non-core business assets in Spain.
The book loss on the disposal is £4.0m and the fair value asset impairment of the marina concession is £4.9m (based on the estimated potential sale value of £5.9m).
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