TIDMDKE

RNS Number : 7619U

Dukemount Capital PLC

02 April 2019

02 April 2019

Dukemount Capital Plc

("Dukemount" or the "Company")

Completion of West Derby Building Contract

Dukemount Capital Plc, the long-dated income provider and property management company is pleased to announce that the building contract for the development of the West Derby Project in North West England has been signed by the contractor.

The development involves the demolition of a large existing building and the development of a purpose-built structure with 17 apartments and 3,200 square feet of retail space to the specifications of a housing association which has signed a 50-year lease. The targeted date for the works to be completed is June 2020.

A segregated mandate limited partnership managed by Alpha Real Capital, which bought the project in December, is funding the complete development cost of GBP3 million. Dukemount is managing the development using monthly draw-downs from the GBP3 million. A development profit is paid to Dukemount upon practical completion of the development and this will be reflected in the results which follow completion.

Dukemount Executive Chairman Geoffrey Dart said, "The agreement with the contractor has been concluded and the demolition of the existing building will commence soon."

Architect plans of the project can be viewed on our website at:

http://dukemountcapitalplc.com/media.php

For further information, please contact:

 
 
 
 
 Walbrook PR (Media        Tel: +44 (0) 207 933 8780 
  and Investor Enquiries 
 Gary Middleton /          dukemountcapital@walbrookpr.com 
  Paul Cornelius 
 
 Peterhouse Corporate      Tel: +44 (0) 207 469 0930 
  Finance Limited 
 Lucy Williams/Duncan 
  Vasey

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

CNTEAFLFEDENEAF

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April 02, 2019 02:01 ET (06:01 GMT)

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