GreenBank Capital Portfolio Company Staminier Announces a Potential Land Value of Between C$34 Million and C$64 Million Relating to Its Option Over 13 Acres of Land Near Gatwick Airport

Rhea-AI Summary

GreenBank Capital announces that its portfolio company, Staminier Limited, has seen market comparable land sales that could value a 13-acre site near Gatwick Airport at between £19.50m (C$34m) and £39m (C$68m), depending on planning consent. The land, originally intended for a car park, may be repurposed as a distribution center due to increasing online shopping demand. GreenBank holds a 19% stake in Staminier and an option to acquire an additional 81% until April 2021.

Positive

• Potential land value increase to £39m (C$68m) with planning permission.
• Strong market demand for distribution centers near Gatwick Airport.
• Strategic positioning of land for online retail and logistics.

Negative

• None.

This news release is not for distribution or dissemination in the United States of America

TORONTO, ON / ACCESSWIRE / March 5, 2021 / GreenBank Capital Inc. (CSE:GBC)(OTC Pink:GRNBF)(FRA:2TL) ("GreenBank" or "the Company") is pleased to announce that its portfolio company Staminier Limited ("Staminier"), with respect to its option to acquire 13 acres of land near Gatwick Airport, has recently seen market comparable land sales that would value the optioned land at £19.50m (C$34m), if the land is allocated as Strategic Employment Land and up to £39m (C$68m) if and when formal planning/zoning consent is obtained.

The 13-acre parcel of land is surrounded on three sides by 64 acres (see diagram below) which has been included as Strategic Employment Land in the proposed Local Government Plan, of which there have been recent sales for circa £3 million per acre of equivalent land with consented permission.

Staminier intends to apply for the 13 acres to be allocated as Strategic Employment Land and expects the process to be completed by Q1 2022. Given the surrounding land which envelopes the 13 acres has already received this allocation to the Local Government Plan, it is reasonable to expect that the 13 acres would be treated in a similar manner. If such allocation were made, estimating the land value to be a minimum of £19.50m (C$34m) would be conservative by only forecasting 50% of recent sale comparables.

On the basis that Staminier continues to own the option and successfully applies for planning permission, the value could potentially increase to £39m (C$68m).

Staminier acquired the 3-year option on August 27, 2019 to purchase the 13 acres of land for a price of £6 million.

Originally the intent had been to build a car park for Gatwick Airport, but given the exponential growth in Online Purchasing accelerated by COVID-19, the best use will likely be as a Distribution Center for one of the major online retailers or shipment companies to help meet their burgeoning demand for warehousing and storage space and creating significant employment in the area.

Separately on 17^th November 2020, Staminier obtained a three-year option to acquire an additional 15 acres of land also near London Gatwick Airport. The option, which expires on 30^th November 2023, enables Staminier to buy the land for £3m (C$5.25m). Were Staminier also to obtain similar planning/zoning permissions, this land would be expected to achieve a value per acre of between £1.5m (C$2.63m) and £3m (C$5.25m).

David M. Lonsdale, the CEO of GreenBank Capital, "We are delighted to hear this update on the potential value of the land and congratulate our colleagues at Staminier. The profit potential validates our strategic plan to establish Large Impact Property and Planning Gain as one of "six key drivers of value" for the Company. Defined as: Acquiring options over tracts of land which, with planning permission, would be worth a large multiple of the option price -and then applying for and obtaining planning permission using our highly experienced team." (Reference our Investor Presentation: https://greenbankcapitalinc.com/investors/investor-presentations/ )

Steve O'Carroll, director of Staminier said "The recent sales activity which supports the potential value of our 13-acre site, is one of the reasons we entered into a further option over the additional 15 acres of land, also close to Gatwick Airport. The need for distribution and Strategic Employment Land centers to support the burgeoning growth of online shopping has never been greater and the location of the land at Gatwick Airport is ideal for this purpose." (Reference our Press Release: https://greenbankcapitalinc.com/greenbank-capital-portfolio-company-staminier-acquires-option-over-15-acres-of-land-near-london-gatwick-airport-with-the-potential-to-help-meet-burgeoning-storage-demand-from-online-retailers/ )

As previously disclosed, GreenBank currently owns 19% of Staminier Limited and possesses an option to acquire the remaining 81% of the Staminier until April 14, 2021 subject to regulatory approval.

Staminier 13 Acres

About GreenBank

GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas, New York and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than expensive offices, full time employees and large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.

For details of our "6 Key Drivers of Value" please see our latest Investor Presentation:
https://greenbankcapitalinc.com/wp-content/uploads/2020/11/03.11.20_Greenbank-Deck-compressed.pdf

For more information please visit our website
www.GreenBankCapitalInc.com
or contact Mark Wettreich at +1 (647) 693 9411 or by email Mark@GreenBankCapitalinc.com

SOURCE: GreenBank Capital Inc.

View source version on accesswire.com:
https://www.accesswire.com/633704/GreenBank-Capital-Portfolio-Company-Staminier-Announces-a-Potential-Land-Value-of-Between-C34-Million-and-C64-Million-Relating-to-Its-Option-Over-13-Acres-of-Land-Near-Gatwick-Airport

FAQ

What is the potential land value of Staminier's site near Gatwick Airport?

The potential land value is estimated between £19.50m (C$34m) and £39m (C$68m), depending on planning consent.

What percentage of Staminier does GreenBank Capital own?

GreenBank Capital currently owns 19% of Staminier Limited.

What is the purpose of the land acquired by Staminier?

The land is intended to be repurposed as a distribution center due to the increase in online shopping.

When does GreenBank's option to acquire more of Staminier expire?

The option to acquire the remaining 81% of Staminier expires on April 14, 2021.

How much did Staminier pay for the option to purchase the 13 acres of land?

Staminier acquired the option to purchase the 13 acres for £6 million.