TIDMTHG 
 
RNS Number : 3317B 
Terrace Hill Group PLC 
26 October 2009 
 

26 October 2009 
 
 
TERRACE HILL GROUP PLC 
("Terrace Hill" or the "Company") 
 
 
Completion of GBP27.67 Million Forward Funding Agreement at Bishop Auckland 
 
 
Terrace Hill Group plc (AIM: THG), a leading UK property development and 
investment group, announces that it has completed a forward funding agreement 
with Aviva Investors Pensions Limited for the development and sale of the 92,333 
sq ft Sainsbury's food store at its retail and leisure scheme at Tindale 
Crescent, Bishop Auckland, County Durham. 
 
 
The property has been pre-let to Sainsbury's on a 25 year lease at an initial 
rent of GBP18 per square foot (GBP1,661,994 per annum) and will be sold to Aviva 
for a total consideration of GBP27.67 million, reflecting a 5.7% net initial 
yield. It is anticipated that the Sainsbury's store will commence trading by 
Christmas 2010, with construction starting in November 2009. 
 
 
Terrace Hill's leisure and retail park at Tindale Crescent, will also include a 
new stadium for Bishop Auckland Football Club. 
 
 
Commenting Philip Leech, Chief Executive of Terrace Hill, said: 
"We are delighted that Aviva is investing with us again having funded retail 
parks with the Group in the past. The price achieved reflects a strong appetite 
amongst investors for well let food store developments which should enhance the 
returns we expect from our pipeline of similar projects. 
 
 
"Today's announcement follows our recent sale to Sainsbury's of a site for a 
55,000 sq ft foodstore and petrol station in Helston, Cornwall, and the 
acquisition, in joint venture, of Heaton Retail Park adjacent to a Sainsbury's 
store in Manchester." 
 
 
Robert Walton, Head of UK Institutional Funds - Real Estate, Aviva Investors, 
said: 
"This acquisition marks the return of the Aviva Investors Pooled Property fund 
to the market as we look to acquire investments in a variety of sectors. We have 
a good relationship with the developer of the supermarket site, Terrace Hill, 
having worked with them previously on other projects. We see this funding as an 
opportunity to invest in a secure, well let investment with guaranteed rental 
uplift to a strong covenant in a favoured sector." 
 
 
- Ends - 
 
 
For further information: 
Terrace Hill www.terracehill.co.uk 
Philip Leech, Chief ExecutiveTel: 020 7631 1666 
Duncan McEwan, Retail DirectorTel: 01642 878 070 
 
 
Financial Dynamics Tel: 020 7831 3113 
Richard Sunderland/Rachel Drysdale terracehill@fd.com 
 
 
 
 
Notes to editors: 
 
 
Terrace Hill Group PLC 
 
 
Terrace Hill is an AIM-listed property development and investment group with 
three key divisions: 
  *  Commercial development and investment 
  *  Residential investment 
  *  Housebuilding. Formed in 1986, the Company has four offices in London, Glasgow, Teesside and Bristol, managing a commercial development programme, commercial and residential investment portfolios and a housebuilding business in Scotland.
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCFEEFMDSUSESS
Thg (LSE:THG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Thg Charts.
Thg (LSE:THG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Thg Charts.