ALY.L Share News (ALY)

LONDON (Dow Jones)--Fashion and home furnishings retailer Laura Ashley Holdings PLC (ALY.LN) Monday said its Laura Ashley Ltd. subsidiary has agreed a deal to sell and then lease back a property in Leicestershire, U.K., at a GBP4 million profit. Laura Ashley said its subsidiary has agreed a GBP12.4 million cash deal with British Overseas Bank Nominees Ltd. and WGTC Nominees Ltd.--acting as nominees for The Royal Bank of Scotland Group PLC (RBSB), which is trustee of the Skandia Property Fund--for the sale and leaseback of the freehold property at Interlink Business Park in Coalville, Leicestershire. The property comprises a warehouse with an attached two-storey office. Laura Ashley Limited will get an initial GBP1 million deposit, with the remaining balance to be settled on completion Tuesday. The property--which has a book value of GBP8.3 million and is about 169,000 square feet in size--will be leased back to Laura Ashley Ltd. on a 12-year lease. The company will continue to use it for warehousing and distribution purposes. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com (END) Dow Jones Newswires July 05, 2010 02:34 ET (06:34 GMT)