Fred. Olsen Energy ASA (FOE) has signed the final agreements with Titanic Island Limited, an associated company of the Dublin based property development company, Harcourt Developments Ltd., for the sale of property interests in Belfast, Northern Ireland.
The transaction comprises sale of the shares in the subsidiary Ivy Wood Properties Ltd., which is the owner of all the shares in Titanic Properties Ltd. and Titanic Quarter Ltd.
The shares in Ivy Wood Properties Ltd. will be transferred on the basis of a property value of 47 million pounds sterling, according to a company statement.
On signing of the agreements, the buyer has paid 10% (4.7 million pound sterling) of the purchase price.
Completion of the transaction and payment of the remaining part of the purchase price will take place in the 1st quarter 2004, according to the statement.