Simon sells storage unit for 63.9 mln stg

LONDON, Dec 19 (Reuters) – British ports and logistics company Simon Group Plc (LSE: SMON.L – news) said on Thursday it had sold its Simon Storage Ltd business for 63.9 million pounds ($102.2 million) cash to private equity group Patron Capital. “Net cash proceeds will be used to repay group indebtedness and invest in the development of the continuing group which will focus on its ports and logistics activities,” Simon said in a statement.

Simon put itself up for sale on January 31 but received no offers. “In these circumstances, the board has elected to pursue the offer made for the… storage division as this presented the most attractive option to achieve value.”