30th Nov 2007 07:01
Development Securities PLC30 November 2007 Development Securities PLC completes disposal of Oriental City Further to the announcement made on 17 September, Development Securities, thenationwide property development and investment company, announces today that ithas now completed the disposal of Oriental City at 399 Edgware Road, London NW9. The consideration of £68million has been made up of cash and loan notes payableon or before 30th June 2008. The future payments are secured by way of a firstcharge in favour of Development Securities on the property and will carryinterest at an agreed rate. Since the quantum of the loan notes falling due for payment in 2008 is more than60 per cent, it is now likely that the net gain will be reflected in the 2008accounts. Further enquiries: Julian BarwickDevelopment Securities PLC Tel: 0207 828 4777 Mallika BasuThe Communication Group plc Tel: 0207 630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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