2nd Jun 2006 07:01
Terrace Hill Group PLC02 June 2006 2 June 2006 Terrace Hill Group PLC ("Terrace Hill") Sale of Swansea Waterfront Cyprium development Terrace Hill, the AIM-listed property group, announces that it has today soldits 70,000 sq. ft. Swansea Waterfront Cyprium office development for £16.65m,representing a yield equivalent to 4.98%. The property had been let to TheNational Assembly for Wales and sublet to Admiral Insurance: 40,000 sq. ft undera 20-year lease and 30,000 sq. ft under a 15-year lease. Managing Director Philip Leech said: "With a yield of 4.98%, the sale of Cypriumis almost certainly a record for Wales and considerably above our expectationsat the start of the project. On a similar theme, the letting to AdmiralInsurance of 70,000 sq. ft was the largest occupier transaction in Wales during2005. With demand for office property continuing to rise in Wales and theSouth West, we remain upbeat regarding the outlook for activity in the area andcontinue to evaluate a number of other opportunities." Lambert Smith Hampton and Knight Frank were the joint selling agents for TerraceHill. * * ENDS * * 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 a Triple Net Asset Valueat 31 October 2005 of £89.985 million. It has two divisions, CommercialDevelopment and Residential Investment and Development, with a total developmentprogramme of around £900 million. Terrace Hill reported an increase of over 20%in pro-forma Triple NAV to 48.06p per share in the year to 31 October 2005, anda 40% increase in final dividend from 0.5p per share to 0.7p per share. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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