Formation Group PLC Acquisition of development site (0087U)
October 10 2014 - 6:52AM
UK Regulatory
TIDMFRM
RNS Number : 0087U
Formation Group PLC
10 October 2014
10 October 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 now completed on the purchase of a development site at
159-161 Iverson Road, London for a total consideration of GBP5.9m
(the exchange of was previously announced on the 11 April 2014 when
a 10% deposit of GBP590,000 was paid). 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.
Contact details:
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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