Formation Group PLC Acquisition of development site in London (6461E)
April 11 2014 - 6:39AM
UK Regulatory
TIDMFRM
RNS Number : 6461E
Formation Group PLC
11 April 2014
11 April 2014
Formation Group PLC
("Formation" or "the Company")
Acquisition of development site at Iverson Road, London
Formation Group PLC (AIM: FRM) is pleased to announce that,
through a wholly owned subsidiary Formation Homes (London) Limited,
it has exchanged on the purchase of a development site at 159-161
Iverson Road, London for the consideration of GBP5.9m. A deposit of
GBP590,000 has been paid on exchange and the balance is payable on
completion in October 2014.
The development consists of 19 apartments and 1 commercial unit
with a timetable of 16 months to complete.
Formation will support the acquisition and development costs
with a combination of bank funding and cash from its own
resources.
The Board intends to seek other development opportunities within
London and the South East and will make further relevant
announcements in due course.
Enquiries:
Formation Group PLC:
David Kennedy - Chief Executive Officer - 020 7920 7590
NOMAD to Formation Group PLC:
Zeus Capital Limited - Ross Andrews / Andrew Jones - 0161 831
1512
This information is provided by RNS
The company news service from the London Stock Exchange
END
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