Northacre PLC Acquisition of Development Project (3214M)
August 22 2013 - 10:21AM
UK Regulatory
TIDMNTA
RNS Number : 3214M
Northacre PLC
22 August 2013
Northacre PLC
("Northacre" or the "Company")
Acquisition of Development Project
Northacre is pleased to announce that it will manage the
development of 33 Thurloe Square (the "Property"). The Property has
been acquired by Bassemey Limited, a Jersey-incorporated special
purpose vehicle financed by investors arranged by Abu Dhabi Capital
Management ("ADCM"). Northacre will refurbish the property and
deliver a highly desirable, exquisite single residence overlooking
Thurloe Square in South Kensington, London. Planning permission for
converting the Property to residential occupation has been received
but further permissions will be sought.
The Property has been acquired by Bassemey Limited for a total
consideration of GBP8.6 million, of which GBP1.3 million
(representing a 15% interest) has been provided from the existing
cash resources of Northacre, through an equity investment in
Bassemey Limited. It is intended that Northacre will receive
development management fees during the course of the project and
have a carried interest in profits arising from the completion and
sale of the Property. The Property was sourced, and the transaction
structured and led, by ADCM under the terms of the consultancy
agreement announced on 27 June 2013.
Klas Nilsson, Non-Executive Chairman, commented:
"We are delighted that ADCM has secured this project and
assigned Northacre as development manager. We expect this project
will prove to be an exciting venture for Northacre's development
team. Furthermore, it is particularly pleasing that the success of
the Lancasters project has provided us with the financial
capability to participate in opportunities such as this. We intend
to continue, together with ADCM, to actively pursue similarly
attractive opportunities and look forward to providing updates as
this project progresses."
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
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