24th Jul 2006 07:01
Northacre PLC24 July 2006 24 JUL 06 NORTHACRE PLC 75 - 89 LANCASTER GATE, W2 Further to their announcement of 1st February 2006, Northacre PLC confirmstoday, that in a second joint venture with Minerva PLC, they have completed theacquisition of the freehold vacant, former Thistle Hotel, at 75 - 89 LancasterGate, London, W2. The property includes the benefit of a planning consent forthe conversion of the listed building into 124 prime residential apartments withunderground parking. The structure of the transaction comprises equity from the joint venturepartners together with senior debt facilities secured with Deutsche Postbank.Northacre's equity commitment requires £1,750,000 to be invested, £500,000 to bepaid on completion and the balance in equal instalments over the life of theproject. In return, Northacre's involvement will include fee income fromDevelopment Management and Architectural Services, as well as an entitlement toprofit share, ranging from 5% to 50%, dependant upon the performance of thedevelopment returns. Commenting on today's announcement, John Hunter, Chief Executive of NorthacrePLC, said: "This important terrace overlooking Hyde Park represents another exceptionalopportunity for The Group, with their partners Minerva PLC, to deploy theirresidential development skills for generating added value and profits. For aCentral London market short of supply, The Lancasters is a natural successor toour Revival style prime residential schemes at The Bromptons and ThePhillimores". Enquiries: Northacre PLC 020 7349 8000 John Hunter Chief Executive Manish Santilale Finance Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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