Terrace Hill Completes GBP35 Million Funding For Sainsbury's In Sunderland
05 April 2012 - 9:39PM
Dow Jones News
Terrace Hill Group PLC (THG.LN), a U.K. property development and
investment group, Thursday reported the completion of the forward
funding of a GBP35 million supermarket, pre-let to Sainsbury's
(SBRY.LN) on a 25 year lease.
MAIN FACTS:
-Property will comprise a new, 97,729 square feet Sainsbury's
supermarket, with six pump petrol filling station and 517 parking
spaces, located in Sunderland, Tyne and Wear.
-Construction is due to commence in April 2012 with store
opening expected in March 2013.
-Acquisition and development has been forward funded by Osprey
Supermarket Income and Growth 1 LP, a private investor fund
arranged by Osprey Equity Partners.
-Project is being funded through GBP15 million of equity
provided by U.K. high net worth individuals and GBP20 million of
debt provided by HSBC Bank PLC.
-On completion of the forward funding, the company received
GBP2.5 million representing the recovery of its working capital and
an initial profit payment.
-Shares of Terrace Hill at 1106 GMT flat at 10.6 pence.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448,
tapan.panchal@dowjones.com
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