30th Mar 2007 07:00
Terrace Hill Group PLC30 March 2007 30 March 2007 Terrace Hill Group PLC ("Terrace Hill" or "the Group") AGM Statement Terrace Hill will hold its Annual General Meeting today at midday at whichPhilip Leech, Group Managing Director of Terrace Hill, will make the followingstatement: "The Group made considerable progress last year, as reflected in its finalresults, which showed adjusted diluted NAV (ADNAV) up 62.8% to 89.0p per shareand a 57% rise in the final dividend to 1.1p per share. Strong trading hascontinued into the new financial year. Recent activities include theacquisitions of two office developments and the very profitable disposals of anindustrial site and a number of residential investment properties as detailedbelow. Terrace Hill has acquired two prime city centre office development opportunitiesin Bristol as follows: • Bristol Bridge House has been purchased from Morley FundManagement for £9.2m. The property, which overlooks the floating harbour, willbe refurbished and extended to provide 52,200 sq ft of Grade A officeaccommodation in one of the city's most central and attractive locations. • As part of the Group's strategy to buy income producingproperties with medium term development potential, Canningford House on VictoriaStreet, Bristol, has been bought for £2.5m and comprises 20,456 sq ft ofmulti-let offices. The building will be re-developed in the medium termsubstantially increasing the floor area as leases expire. Given the Group's policy of maximising shareholder returns through astute assettrading, a 4.5 acre industrial site at Edmonton has been sold for £7.75m to anowner occupier, the site was purchased three years ago for £4.5m. Terrace Hill is pleased to also announce that the first tenant has beenattracted to Hudson Quay, the Group's prestigious urban regeneration scheme atMiddlehaven, Middlesbrough by the letting of 16,000 sq ft to the CrownProsecution Service. As a result, construction of the second phase of thisproject, which will total 160,000 sq ft at completion, is expected to commencelater this year. In addition, further rationalisation of the at.home Nationwide residentialinvestment portfolio is ongoing with the profitable sale of a number of non-coreproperties in Scotland. The value of properties now sold or under contract forsale totals £39.3m. These properties were acquired in July 2006 for £32.2mshowing an increase over their purchase price of 22% on disposal anddemonstrating the substantial discount at which the at.home Nationwide portfoliowas purchased as well as growth in capital values." Chairman, Robert Adair, said, "The record performance in our last year endresults has highlighted Terrace Hill's continued strong growth. Since the yearend we have continued to expand our commercial development portfolio in thebuoyant Bristol office market and have made some profitable asset sales. I amconfident that our continuing strong performance will have led to furtherencouraging growth in our adjusted net asset value which should be apparent whenwe report our figures for the six months to 30 April 2007. " * * ENDS * * For further information visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors: Terrace Hill Group PLC - AIM-listed property group with two key divisions,Commercial Development and Residential Investment and Development and a totaldevelopment programme of £1.1bn and a market capitalisation in excess of £230m. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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