Northacre PLC Appointment as Development Manager (3702A)
February 19 2014 - 2:00AM
UK Regulatory
TIDMNTA
RNS Number : 3702A
Northacre PLC
19 February 2014
Northacre PLC
("Northacre" or the "Company")
Appointment as Development Manager
Northacre is pleased to confirm that, as anticipated in its
announcement of 22 August 2013, it has entered into a Development
Management Agreement with Bassamey Property Holdings Limited
("Bassamey") under which the Company will be the Development
Manager for the 33 Thurloe Square project.
Under the terms of the Development Management Agreement, the
Company will be entitled to a fixed development management fee and
a performance fee.
Bassamey is a Jersey-based special purpose vehicle which
acquired the building at 33 Thurloe Square for a total
consideration of GBP8.6 million, of which GBP1.3 million has been
provided from the existing cash resources of Northacre.
Northacre is aiming to deliver a highly desirable, exquisite
single residence of 6,700 square feet overlooking Thurloe Square
and the V&A Museum.
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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