6th Apr 2005 08:40
Grainger Trust PLC06 April 2005 FOR IMMEDIATE RELEASE 6th April 2005 GRAINGER TRUST plc: ACQUISITION OF 520 ACRES OF LAND Grainger Trust plc ("Grainger"), the UK's largest quoted residential propertyinvestor, today announces that it has acquired some 520 acres of land near WestWaterlooville, Hampshire, from a private individual. The land was previouslysubject to an option agreement between Grainger and the vendor whereby land thathad received outline planning permission could be acquired by Grainger in returnfor a lump sum payment and a share of future operating cashflows. The optionagreement was due to expire in 2011. The land is included in the West of Waterlooville Major Development Area and hasbeen provisionally allocated 1,550 dwellings with a further 1,000 in reserve.Grainger feels it is important to acquire the freehold at this stage so that itcan take a long term development view of this significant strategic site. Initial consideration for the land is £12m cash and two further payments of £4meach, payable in 2009 and 2013. The vendor may also be entitled to contingentdeferred consideration in the form of certain fixed payments, triggered ifcertain land valuation hurdles are met, and a profit share entitlement that isreduced by the amount of fixed payments received. Ends. Contact: Grainger Trust plc Rupert Dickinson, Chief Executive Tel: 020 7795 4700 Marie Glanville, Company Secretary Tel: 0191 261 1819 Baron Phillips Associates Baron Phillips Tel: 020 7920 3161 07050 124119 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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