Berkeley Group Buys Wapping Village For GBP150 Million

Date : 05/30/2012 @ 11:42AM
Source : Dow Jones News
Stock : News Corp. (MM) (NWSA)
Quote : 13.98  0.05 (0.36%) @ 6:02PM

Berkeley Group Buys Wapping Village For GBP150 Million

Berkeley Group Holdings (LSE:BKG)
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Property developer Berkeley Group Holdings PLC (BKG.LN) Wednesday said its subsidiary, St George, has acquired Wapping Village from News International for GBP150 million, payable in installments, and added that it has settled the litigation brought by Tony Carey against the company and its units.

MAIN FACTS:

-Purchase is not conditional on planning.

-St George will now consult with the London Borough of Tower Hamlets and the local community to prepare a mixed use planning application for the 15 acre site.

-Litigation brought by Tony Carey against Berkeley Group PLC, St George PLC and other parties for age discrimination and unfair dismissal has been settled for GBP5 million shortly before the commencement of a three week hearing in the Employment Tribunal.

-Board's decision to settle was unanimous having regard to legal advice, the size of the claim and the inevitable diversion of resources to run the action.

-Costs of the settlement were fully allowed for in the balance sheet as at April 30, 2011.

-Following the settlement, option rights over 1.4 million shares have been cancelled.

-Shares of Berkeley Group at 1508 GMT down 18 pence, or 1.5% at GBP11.95.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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