29th Dec 2009 11:42
Northacre Plc
Sale of Interest in The Abingdons Partnership (The Kensington Odeon).
29th December 2009
Northacre Plc ("the Company") announces today that it has completed the sale of its interest in The Abingdons Partnership to Minerva Plc for a total full cash sum of £2.25m which includes the return of the equity invested to date in the Partnership of £0.74m. The proceeds will reduce the Company's debt position and allow investment into current and new opportunities in 2010.
John Hunter, Chief Executive, commented:
"This sale has allowed the Company to shore up its finances and to focus on the delivery of The Lancasters Hyde Park and The Vicarage Kensington."
ENQUIRIES:
NORTHACRE PLC 020 7349 8000
John Hunter Chief Executive
Manish Santilale Finance Director
KBC PEEL HUNT 020 7418 8900
Capel Irwin
Anthony Bell
Related Shares:
NTA.L