17th Sep 2007 07:02
Development Securities PLC17 September 2007 Development Securities announces intention to sell Oriental City Development Securities PLC, the listed property development and investmentcompany, announces today that it has entered into a contract for the sale of itsinterest in Oriental City to a private property investor. Completion is set for29th November 2007, whereupon a net gain of £16million will be realised. Located in Colindale, the London Borough of Brent, this 100,000 sq ft retailscheme was acquired in June 2005. After one and a half years of consultationwith the London Borough of Brent, planning consent was granted for a mixed-usescheme comprising 300,000 sq ft gross retail space, 340,000 sq ft private andaffordable housing and a new 80,000 sq ft primary school. At the outset, like all its other major regeneration schemes, the companyplanned to implement the new scheme itself, possibly in conjunction with aresidential developer. However, this specific disposal to realise the value inthe site and reinvest equity released into the company's expanding developmentprogramme was viewed to be in shareholders' interest. Further enquiries: Julian BarwickDevelopment Securities PLC Tel: 0207 828 4777 Mallika BasuThe Communication Group plc Tel: 0207 630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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