10 Oct 2014 11:52
10 October 2014
Formation Group PLC
("Formation" or the "Company")
Acquisition of development site at Iverson Road, London
Formation Group PLC (AIM: FRM) is pleased to announce that, through a wholly owned subsidiary Formation Homes (London) Limited, it has now completed on the purchase of a development site at 159-161 Iverson Road, London for a total consideration of £5.9m (the exchange of was previously announced on the 11 April 2014 when a 10% deposit of £590,000 was paid). The development consists of 19 apartments and 1 commercial unit with a timetable of 16 months to complete.
Formation will support the acquisition and development costs with a combination of bank funding and cash from its own resources. The Board intends to seek other development opportunities within London and the South East and will make further relevant announcements in due course.
Contact details:
Formation Group PLC - David Kennedy; Chief Executive Officer - 020 7920 7590
NOMAD to Formation Group PLC;
Zeus Capital Limited - Ross Andrews / Andrew Jones - 0161 831 1512