Farmer Business Developments plc, the original FBD co-op, has reached an agreement to sell 69% of the development land it holds in Berlin through its subsidiary company, Bulbery Properties Ltd, for €88m. The lands are located at Schoenefeld next to Berlin’s new Willy Brandt Airport.

Farmer Business Developments plc owns 57.6% of Bulberry. Once costs and debts are taken out, Farmer Business Developments plc will receive €26.1m net of tax. The funds from the deal are to be used to pay off 50% of the company’s bank borrowings which amount to €17.5m. An EGM is to take place after October where a special dividend will be paid to shareholders. The company also is about to close an €11m deal for another section of land in late summer. This will leave Bulberry with 13% of its land.

There are no contracts on this land but the intention is to actively market this land now. It is expected this will be disposed of quickly according to the company.

Farmer Business Developments plc is the largest shareholder in FBD Insurance, holding 25% of the company’s shares. It also has hotels in Ireland, in Spain and last year bought the Heritage Hotel in Killenard for €9m.

In January 2018, Farmer Business Developments increased its stake in Bulberry following a €7m investment to buy out the interests of other investors in the company. Last year Bulberry Properties sold a development plot on its lands for €13.8m and returned €4.5m of this to Farmer Business Developments.