Hat-trick of property sales near completion for Pennant International

Aviation software and training firm Pennant International has exchanged contracts on three buildings on its Gloucestershire site as part of its ongoing property disposal programme.

The firm, which works with the RAF and defence contractors in the UK and North America, announced last September that it planned to offload a number of properties at Staverton, near Cheltenham.

It has now said it is close to selling three buildings for a total of £1.2m, with completion on each of the transactions set for 25 April. It will then vacate the properties, made up of around 8,500 sq ft of predominantly warehouse space.

Pennant said no leaseback arrangements had been entered into, although a short-term licence of some car parking spaces had been agreed at a peppercorn rent.

The net proceeds of the disposals, which will be paid in cash on completion, will be used to reduce the group’s overdraft borrowings. Marketing of the group’s final two freehold properties at the Staverton site continues.

Last October Pennant announced it had won a £4.9m, three-year deal for a comprehensive technology upgrade to the RAF’s GenFly training systems, along with contracts with defence firms in the US and Canada.