UK Coal has sold 1,760-acres of agricultural land to the CC Projects Church Commissioners for £12.6m in cash.
Under the terms of the deal, if the land is developed in the medium to longer term, further consideration may become payable.
The proceeds will be used to reduce UK Coal’s debts.
The agricultural land had a book value of £11m at December 2010 and generated £100,000 of net rental income in that financial year.
Earlier in June, UK Coal sold 764 acres of agricultural land to Taylor Wimpey UK, which took total property sales for the year to £33.6m.
Nick.whitten@estatesgazette.com
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