20th Dec 2006 11:56
Terrace Hill Group PLC20 December 2006 Terrace Hill Group plc ('Terrace Hill' or 'the Group') Purchase of London property in joint venture Terrace Hill Group plc, the AIM listed property group, is pleased to announcethat, on 19 December 2006, the Group exchanged contracts to purchase HowickPlace in Victoria, London, in a joint venture in which Terrace Hill has a 20 percent. equity interest. The property has been acquired from House of Fraser Stores Limited who currentlyuse it as their head office building pending the re-development of the site bythe joint venture as a mixed use office and residential scheme. The completedscheme will have an estimated value of approximately £180 million. Philip Leech, Terrace Hill's Group Managing Director, said: "This is an excitingacquisition for Terrace Hill in the fast-growing Victoria office and residentialmarket which should generate significant returns for the joint venture." * * ENDS * * For further information please visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444 Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677 Isabel 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 £1,138 million. The Group continuously explores waysof leveraging its equity to enhance returns for its shareholders and recentlyestablished Terrace Hill Development Partnership, a commercial propertydevelopment fund. As at 19 December 2006, the market capitalisation of TerraceHill was approximately £180 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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