23rd Aug 2007 16:08
Minerva PLC23 August 2007 Acquisition of Leinster House Hotel Minerva plc announces that in joint venture with Northacre Plc it has acquiredthe LLH Limited Partnership (LLH) from Mr & Mrs Gerrard for a cash considerationof £5. LLH has conditionally contracted to acquire the Leinster House Hotel, London W2(the Property) for a cash consideration of £20 million and the assets and hotelbusiness carried on at the Property for a cash consideration of £250,000. LLHhas no other assets. Completion is expected to take place in early October2007. The Property is to be acquired with the benefit of a "block booking" agreementwith Westminster City Council. Net income from the Property (after costs) isestimated at £0.8 million per annum. Commenting on today's announcement, Salmaan Hasan, Chief Executive of Minervaplc, said: "This acquisition presents Minerva with an attractive medium-term residentialdevelopment opportunity and further expands the Group's development pipeline". All Enquiries: Brunswick Group LLP 020 7404 5959 James Bradley/Tom Williams This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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