Thomas Cook plans to sell and lease back Belgium property

Travel group Thomas Cook Group has agreed to sell and lease back an office property in Belgium to Koramic Real Estate.

Under the terms of the agreement, Thomas Cook will receive a cash consideration of €12.3m with an additional €2.0m retained by Koramic as a prepayment of rent.

The property was previously used as the firm's Belgium offices.

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In a statement the travel company said said: "The group remains committed to reducing the net debt of the business and this transaction is part of that process. Transaction proceeds will be used to reduce the group's borrowings and/or for general corporate purposes."

The share price fell 1.54% to 16.00p in afternoon trading.

NR