22 Aug 2013 15:21
Northacre PLC
("Northacre" or the "Company")
Acquisition of Development Project
Northacre is pleased to announce that it will manage the development of 33 Thurloe Square (the "Property"). The Property has been acquired by Bassemey Limited, a Jersey-incorporated special purpose vehicle financed by investors arranged by Abu Dhabi Capital Management ("ADCM"). Northacre will refurbish the property and deliver a highly desirable, exquisite single residence overlooking Thurloe Square in South Kensington, London. Planning permission for converting the Property to residential occupation has been received but further permissions will be sought.
The Property has been acquired by Bassemey Limited for a total consideration of £8.6 million, of which £1.3 million (representing a 15% interest) has been provided from the existing cash resources of Northacre, through an equity investment in Bassemey Limited. It is intended that Northacre will receive development management fees during the course of the project and have a carried interest in profits arising from the completion and sale of the Property. The Property was sourced, and the transaction structured and led, by ADCM under the terms of the consultancy agreement announced on 27 June 2013.
Klas Nilsson, Non-Executive Chairman, commented:
"We are delighted that ADCM has secured this project and assigned Northacre as development manager. We expect this project will prove to be an exciting venture for Northacre's development team. Furthermore, it is particularly pleasing that the success of the Lancasters project has provided us with the financial capability to participate in opportunities such as this. We intend to continue, together with ADCM, to actively pursue similarly attractive opportunities and look forward to providing updates as this project progresses."
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson