Last checked at 30 May 2012 16:05
The Berkeley Group Holdings plc
Site acquisition
30 May 2012
The Berkeley Group Holdings plc ("Berkeley") is delighted to announce that its subsidiary, St George, has today acquired Wapping Village from News International for £150 million payable in instalments. The purchase is not conditional on planning. St George will now consult with the London Borough of Tower Hamlets and the local community to prepare a mixed use planning application for the 15 acre site.
Additionally, in response to queries it has received, Berkeley announces that the litigation brought by Tony Carey against The Berkeley Group plc, St George PLC and other parties for age discrimination and unfair dismissal has been settled for £5 million shortly before the commencement of a three week hearing in the Employment Tribunal. The Board's decision to settle was unanimous having regard to legal advice, the size of the claim and the inevitable diversion of resources to run the action. The costs of the settlement were fully allowed for in the balance sheet as at 30 April 2011. Following the settlement, option rights over 1,388,390 shares have been cancelled.
Berkeley will announce its full year results on 29 June 2012.
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For further information please contact:
The Berkeley Group Holdings plc Cardew Group
R C Perrins Tim Robertson
N G Simpkin Georgina Hall
T: 01932 868555 T: 0207 930 0777