LONDON (ShareCast) - (Sharecast News) - Conygar Investment Company announced on Tuesday that it has agreed to sell the Virgin Active gym site at the Island Quarter in Nottingham for £6.75m in cash.
The AIM-traded firm said the buyer, Monoprop, would complete the purchase in one month's time.

It said the proceeds would be used to partly repay the £12m loan secured against the wider site with ASK Partners.

The disposal would result in a loss of £0.75m, based on the asset's March valuation of £7.5m.

For the year ended September 2024, the holding company of the Virgin Active gym recorded a net loss of £67,000, including interest paid on the ASK Partners loan.

"This sale represents a good piece of asset management for the team having purchased the long leasehold interest for £5.90 million in May 2024 and we look forward to progressing other areas of the site in the near future," said Christopher Ware, managing director of Conygar.

At 1139 BST, shares in the Conygar Investment Company were down 0.65% at 30.8p.

Reporting by Josh White for Sharecast.com.

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