ELTA.L Regulatory News (ELTA)

10 Mar 2006 15:45

Terrace Hill Group PLC10 March 2006 Terrace Hill Group plc ("THG") Proposed Acquisition of Property Assets Undernoted is an announcement released today to the press and media byNationwide Building Society regarding the proposed sale of residential propertyassets to Terrace Hill Residential plc, a joint venture vehicle to between THGand Electra Private Equity plc. A further announcement will be made in due course. Contact: Miranda Kelly, Residential Investment Director: Tel 0141 332 2014Alasdair Robinson, Noble & Company, Tel 0131 225 9677 Undernote: ANNOUNCEMENT FROM NATIONWIDE BUILDING SOCIETY ON SALE OF AT.HOME NATIONWIDELIMITED Nationwide Building Society is in exclusive negotiations with Terrace HillResidential PLC over the sale of the property portfolio of at.home nationwidelimited, the Society's property rental subsidiary. Nationwide has decided tosell in order to concentrate on its core business activities. It has beenadvised by Allsop LLP in the sale. Terrace Hill has been selected as exclusive bidder following a bidding processwhich attracted several other bidders at the first stage. Terrace Hill's bidis a joint venture with Electra Private Equity plc. The bid, if progressed tocontract, could lead to completion around May/June. Under the proposed deal, at.home employees will be taken on by a new managementcompany set up by ARIM specifically to manage this portfolio and other propertyowned by Terrace Hill. - -ends- Notes to editors at.home nationwide limited is the property rental subsidiary of NationwideBuilding Society. It has 2,243 properties in a number of British citiesincluding Glasgow, Edinburgh, London, Bristol, Manchester, Leeds and Birmingham.It employs 122 people, mainly in Scotland. Terrace Hill Group PLC is an AIM traded Property Group with NAV £76 million andmarket capital over £100 million. It has two divisions, Commercial Developmentthroughout the UK and Residential Investment and Development in Scotland and theNorth of England, with a development programme of around £900 million with £335million underway. Terrace Hill reported an increase of over 20% in pro- formaTriple NAV to 48.06p per share in the year to 31 October 2005 and a 40% increasein final dividend from 0.5p per share to 0.7p per share. Electra Private Equity is a £550m listed investment trust which focuses onunquoted companies, selected and managed by Electra Partners, the fundmanagement specialist. In the year to September 2005 Electra reported NAVgrowth of 31% and over the 12 months to March 2006 a share price rise of over40%, one of the highest in the investment trust sector. ARIM (Allsop Residential Investment Management Ltd) is a residential managementbusiness based in Leeds and Brighton and currently manages over 6,000 unitsacross the UK. This information is provided by RNS The company news service from the London Stock Exchange