7th Feb 2005 10:20
Terrace Hill Group PLC07 February 2005 For immediate release 7 February 2005 TERRACE HILL GROUP PLC ("Terrace Hill") SALE OF 11 BERKELEY STREET, W1 Terrace Hill announces that the office building redeveloped in joint venture at11 Berkeley Street, London, W1, has been sold at a price of £13.7 million,reflecting a yield equivalent to 5.37%. The property was comprehensively refurbished by Terrace Hill in 2003 as part oftheir focus on the London West End, and then held as an investment. The buildingis 75% let in a prime location and has benefited from an improving tenant marketin the West End. The investment is being purchased by ING. The sale pricereflects a competitive investment market and Terrace Hill consider this a veryopportune time to sell such an investment with potential future rental growthreflected in the price. This is a substantial transaction in terms of the AIM Rules and the followingfurther information is given. The interest of Terrace Hill in the joint ventureis 50% and the sale price, and value, of that interest is £6.85 million with thecarrying cost (revaluation at 31 October 2004) being £6.625 million. In theyear to 31 October 2004 the property showed a small revenue loss as it let upduring the year but bore a full year's interest and other costs. The price hasbeen paid in cash and Terrace Hill's share of the proceeds will be applied toclear relevant borrowings and as working capital for Terrace Hill's increasingdevelopment programme. Notes to editors: Terrace Hill Group PLC is an AIM traded Property Group with NAV £70 million. Ithas two divisions, Commercial Development throughout the UK and ResidentialInvestment and Development in Scotland and the North of England, with adevelopment programme of almost £600 million with approaching £200 millionunderway. Terrace Hill recently reported an increase of over 25% in both NAV andpro-forma Triple NAV to 38.12p per share and 39.99p respectively in the year to31 October 2004, and an increase in final dividend from 0.15p per share to 0.50pper share. For further information please contact: Philip Leech, Group Managing Director, 01642 243 444 Ross Macdonald, Deputy Chairman, 0141 332 2014 Alasdair Robinson, Noble & Company Limited, 0131 225 9677 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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