NTA.L Share News (NTA)

Shares in property developer Northacre rocketed as it confirmed the terms of its profit sharing agreement with property group Minerva on The Lancasters apartment development in central London.Northacre will earn 5% on profits of up to 10% of project costs, rising in stages to 50% of the surplus if profits amount to more than 20% of the project costs.In June, Minerva, where the board is facing a shareholder revolt, said pre-sales at The Lancasters totalled approximately £230m, representing just over half of the total area of the scheme. Minerva also reiterated it expected the project to generate "significant returns".