NTA.L Regulatory News (NTA)

18 Oct 2005 10:34

Northacre PLC18 October 2005 Northacre Plc Acquisition Announcement Northacre Plc announces today that in partnership with Minerva Plc it hasexchanged contracts with Odeon Cinemas Limited for the acquisition of the Odeon,High Street Kensington for £24m. Subject to planning, Northacre and Minerva intend to develop a high qualitymixed-use scheme to include a new multi-screen cinema with apartments on theupper floors with underground parking. Debt for the scheme is to be provided byDeutsche Postbank. The partnership with Minerva cements a long standing business relation betweenit's Chief Executive, Salman Hasan, and John Hunter, Chief Executive ofNorthacre. Commenting on today's announcement, John Hunter said: " The acquisition of the Odeon site is indeed a significant event, not leastbecause of the high profile nature of this site, but also due to the newpartnership with Minerva Plc. The combined diverse skills of our two companiesgives us the best prospect of generating added value. We look forward tocreating and enhancing the full potential of this exceptional opportunity withour new partners." Enquiries: Northacre Plc John Hunter, Chief Executive Tel : 020 7349 8000 This information is provided by RNS The company news service from the London Stock Exchange