13th Jul 2005 07:00
Grainger Trust PLC13 July 2005 FOR IMMEDIATE RELEASE13th July 2005 GRAINGER TRUST plc: ACQUISITION OF PRAGUE DEVELOPMENT Grainger Trust plc ("Grainger"), the UK's largest quoted residential propertyinvestor, today announces the formation of a joint venture with the DiscoveryGroup, a leading Czech development company. The joint venture, in which Grainger has an 85% stake, has conditionallyacquired a company that owns a 4.2 hectare site in the Zizkov district ofPrague. The site will be developed into a mixed use retail/residential scheme ona phased basis over the next five years. Grainger's equity investment amounts to €6.7m with the remaining funding to beprovided by local banks. Rupert Dickinson, Grainger's Chief Executive, commented: "This is an opportunityfor us to work with an experienced local operator and continue our strategy ofinvesting in Central Europe alongside local partners." Ends. Contact:Rupert Dickinson, Chief Executive, Grainger Trust. Tel: 020 7795 4700Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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