2nd Nov 2005 07:00
Costain Group PLC02 November 2005 Costain Group PLC ("Costain") Alcaidesa development Costain announces a significant land purchase by Alcaidesa, its Spanish jointventure development business. Alcaidesa Holding, in which Costain has a 50% share, has acquired a further 91hectares of development land with the intention of adding approximately 600residential units, a hotel and commercial facilities. The consideration of approximately £17 million has been agreed on deferredpayment terms over the next three years. It is hoped all relevant consents willbe secured by 2008. The newly acquired land adjoins the existing 209 hectare interest known as SanRoque 3. The land forms part of an enclosed valley and will enable Alcaidesa tofurther enhance the development potential of the enlarged holding. Andrew Wyllie, Costain Chief Executive, said: "This gives us a much enhanced platform from which to continue the growth of theAlcaidesa development. With our success to date in Spain and the forecastgrowth in demand for properties in the region, we will look to grow our landbank there during the course of 2006." 2 November 2005 Enquiries Costain Group PLC Tel: 01628 842444Graham Read College Hill Tel: 020 7487 2020Mark Garraway Notes to Editors • Alcaidesa is located on the Costa del Sol within a few miles of Gibraltar. • Costain's joint venture partner in Alcaidesa is Banesto, one of Spain's leading banks and a subsidiary of Banco Santander. • The Alcaidesa development currently comprises a golf course, a 600-bed hotel and approximately 1,000 houses/ apartments completed and sold. Construction of a second golf course and clubhouse is already underway with completion set for 2006. • Land has been sold to other developers for a further 2,000 units (some already under construction) with further land sales contracted but not completed (finalisation expected end of 2005 and early 2006). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Costain