Farmer Business Developments Plc has unveiled that it is selling part of its Berlin land holdings adjacent to the Willy Brandt Airport, Berlin Brandenburg - which is still under construction - for €88 million.
The airport, which was originally planned to open in 2011, has been beset with a series of delays and cost overruns and will not open until at least end 2020. However, Berlin is expanding outwards and the land on the outskirts of this airport is now very valuable. On foot of the €88 million sale, Farmer Business Developments Plc is expected to deliver a special shareholder dividend later this year after the sale is completed. Meanwhile, its hotel and leisure assets continue to perform very strongly; the Heritage Hotel & Spa in Laois is the most recent purchase.