Sale of $23m Pitts Bay Road properties close to completion
Two properties on Pitts Bay Road in Pembroke are to have new owners by next week.
West Hamilton Holdings Ltd, the Bermuda Stock Exchange-listed property investment and management company, announced in a filing with the BSX that all the conditions relating to the agreement and plan of merger with Princess West Ltd have been fulfilled.
The company said that the sale of 69 and 71 Pitts Bay Road, valued at $23 million, is scheduled to be completed on November 14.
West Hamilton said the proceeds from the sale will be used to repay debt and return cash to shareholders.
It added that the board of directors announced that a total dividend of $6.75 per share — comprising the normal annual dividend of $0.50 per share and a $6.25 special dividend per share — will be paid to shareholders as at the record date of November 16.
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