12th Jan 2006 09:14
Redrow PLC12 January 2006 Redrow Regeneration secures second major opportunity On 11 January 2006, Redrow Regeneration plc, a wholly owned subsidiary of Redrowplc, acquired the entire share capital of UC (Barking) Limited for a nominalconsideration. The principal asset of the company is an agreement with theLondon Borough of Barking and Dagenham for, under the initial phase, aprestigious mixed use development of apartments together with the provision of aLife Long Learning Centre at the Town Square, Barking, Essex. Subject tosecuring planning and other commercial considerations, later phases will providefurther residential accommodation together with mixed commercial uses. The combined sales income of the total development is estimated to beapproximately £100 million over the project life of four years with the firstrevenues anticipated to commence in the summer of 2007. Paul Pedley, Chairman of Redrow Regeneration commented: "We are extremelypleased to secure this opportunity in Barking, which follows on the heels ofWatford Junction and marks the second major transaction concluded by Redrow'sRegeneration activities since its formation last year." Further information: Neil Fitzsimmons, Chief Executive, Redrow plc 01244 520044 Paul Pedley, Executive Deputy Chairman, Redrow plc 01244 520044 David Arnold, Group Finance Director, Redrow plc 01244 520044 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RDW.L