LONDON (Alliance News) - Residential property developer Northacre PLC Wednesday said it will become the development manager for the 33 Thurloe Square project after signing a deal with Bassamey Property Holdings Ltd.
Bassamey is a Jersey-based special purpose vehicle which acquired the building in South Kensington, London for GBP8.6 million. Northacre will provide GBP1.3 million of that from its existing cash resources.
Under the terms of the Development Management Agreement, Northacre will be entitled to a fixed development management fee and a performance fee.
The firm said it is aiming to deliver a highly desirable, "exquisite" single residence of 6,700 square feet overlooking Thurloe Square and the V&A Museum.
The stock was trading at 72.00 pence Wednesday, down 1.00 pence or 1.4%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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