Northacre PLC The Lancasters update (7269V)
December 17 2013 - 4:57AM
UK Regulatory
TIDMNTA
RNS Number : 7269V
Northacre PLC
17 December 2013
Northacre PLC
("Northacre" or the "Company")
The Lancasters update
The Company announced, inter alia, on 5 December 2013 that it
was in advanced discussions to acquire Minerva's interest in
Lancaster Gate (Hyde Park) Limited, the company established by
Northacre and Minerva as a joint venture to acquire, manage and
develop The Lancasters.
This development reached practical completion in November 2011
and the last apartment at The Lancasters was sold this year.
Northacre has now paid a total consideration of GBP6,182,000 to
acquire Minerva's interest. In return, Northacre will have full
ownership and receive all future dividend distributions whilst
continuing to manage the on-going snagging process.
This development has been a seven year process and to realise a
product of such quality is a source of pride to the Group. This
project has proved to be an excellent long term investment. It has
been a great partnership with Minerva and both partners are very
proud to have taken part in such a prestigious London
development.
As set out in the announcement of 5 December the purchase of
Minerva's stake and taking on the snagging process is not expected
to have a material effect on the Company's operations or financial
performance.
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
END
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