Home improvement retailer Kingfisher is close to selling its retail parks portfolio for a pre-tax price of around £700 million, an industry source said today.
The price is about £200 million above the parks' book value- but in line with analysts' expectations, the source said.
The sale will come just days after Kingfisher agreed to sell its loss-making German electricals business, as the owner of the B&Q home improvement chain continues to refocus on its high-growth DIY (do-it-yourself) operations.
The source said there were three potential buyers on the shortlist for the retail parks and that an announcement was likely to be made early this week.
Kingfisher was likely to pay about £70 million to £80 million of tax on the sale, the source said.
This morning, Kingfisher shares were 2.1 per cent higher at 203-3/4 pence as the wider British market edged up 0.4 per cent.