15th Feb 2005 15:38
Northacre PLC15 February 2005 NORTHACRE PLC ("Northacre" or "the company") Northacre Plc announces the acquisition of 44 - 46 Park Street in Mayfair,London in a new joint venture vehicle with a private investor partner, withcompletion taking place late on Monday 14th February 2005. The Grade II listedbuilding is situated opposite Grosvenor House Hotel and currently has a planningconsent for redevelopment creating nine apartments. It is the joint venture'sintention to submit, with advice from the local agents, a revised planningapplication over the next six months requiring less alteration to the listedbuilding. The acquisition structure of 44 - 46 Park Street involved an initial payment of£6.5 million with additional deferred consideration depending on the outcome ofthe scheme. Northacre has a 45% share in the joint venture with a steppedperformance bonus fee on the successful completion of the scheme. Through itsoperating subsidiaries, Northacre have been appointed as Development Managersand Architects. Together with its private investor partner, Northacre is actively pursuingsimilar opportunities that will enable it produce and complete schemes within ashorter time scale than previous developments thereby resulting in improvedperformance related and operating income to the Group. Enquiries: Northacre Plc John Hunter, Chief Executive Tel: 020 7349 8000Manish Santilale, Finance Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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