Northacre PLC Sale of Development Project (4403K)
25 June 2014 - 4:01PM
UK Regulatory
TIDMNTA
RNS Number : 4403K
Northacre PLC
25 June 2014
Northacre PLC
("Northacre" or the "Company")
Sale of Development Project
Northacre is pleased to announce that Bassemey Limited
("Bassemey"), a Jersey-incorporated special purpose vehicle, has
completed upon the sale of the 33 Thurloe Square project for an
agreed price of GBP12.75m. The property was acquired by Bassemey in
August 2013 for a total consideration of GBP8.6 million. As set out
in the Company's announcement of 22 August 2013, Northacre
originally made an equity investment of GBP1.5 million
(representing a 15% interest) in Bassemey from its existing cash
resources.
Northacre were appointed as development managers to the project
in February 2014, and under the terms of the Development Management
Agreement ("DMA"), Northacre is also entitled to a fixed
development management fee and an additional performance fee.
Northacre currently anticipates that the total proceeds from its
participation in the project (comprising of both return on its
equity investment and fees under the DMA) will be approximately
GBP1.2 million.
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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