Victoria, an international designer, manufacturer and distributor of flooring, has announced it has entered into a binding agreement for the sale and lease back of its Belgian distribution centre to Avantage Property Holding BV, a fund managed by Alirec.
The distribution centre will remain the key European distribution hub for Balta Rugs following the relocation of the majority of that company’s manufacturing to Turkey.
The gross consideration payable to the company in cash at completion is expected to be €34.4m, in line with the company’s expectations. Completion is expected within 90 days and is subject to customary conditions.
Geoff Wilding, Executive Chairman of Victoria, commented: “This agreement secures continued use of an important site while unlocking capital to mitigate the costs associated with expanding production capacity at Balta’s Turkish plant and relocating the majority of its rug manufacturing to that site. This major project is expected to be completed and begin providing benefits during the current financial year.”
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