Kingfisher PLC 01 August 2007 1 August 2007 KINGFISHER AGREES £73m PROPERTY SALE AND LEASEBACK Kingfisher plc has agreed to sell its freehold property interest in B&Q's new 81,000 square metre (875,000 sq.ft) national distribution centre in Worksop, Nottinghamshire, to Mutual Finance Ltd for a total cash payment of £73 million. The Worksop site, which was developed by B&Q, will be leased back at an open market rent payable monthly in advance and subject to five yearly index-linked reviews, with a cap. The lease allows B&Q significant operational flexibility. The disposal gives rise to a pre-tax exceptional gain of around £40 million. Kingfisher will use the proceeds to repay existing debt and invest in its worldwide store opening programme. Duncan Tatton-Brown, Group Finance Director, said: "This is consistent with our policy of recycling property when economically attractive, with the aim of creating value for shareholders." . Enquiries: Ian Harding, Group Communications Director 020 7644 1029 Nigel Cope, Head of Communications 020 7644 1030 Sarah Gerrand, Head of Investor Relations 020 7644 1032 Kingfisher plc is Europe's leading home improvement retail group and the third largest in the world, with 760 stores in 10 countries in Europe and Asia. Its main retail brands are B&Q, Castorama and Brico Depot. Kingfisher also has a 21% interest in, and strategic alliance with, Hornbach, Germany's leading DIY Warehouse retailer, with over 120 stores in Germany and eight other European countries. This information is provided by RNS The company news service from the London Stock Exchange