8 Jan 2014 13:00
Northacre PLC
("Northacre" or the "Company")
Appointment as Development Manager
Northacre is pleased to confirm that, as anticipated in its announcement of 18 September 2013, it has entered into a Development Management Agreement with Palace Revive Limited ("Palace Revive") under which the Company will be the Development Manager for the 1 Palace Street project.
Under the terms of the Development Management Agreement, the Company will be entitled to a fixed development management fee and a performance fee.
Palace Revive is a Jersey-based special purpose vehicle established to acquire the building at 1 Palace Street, London. 1 Palace Street is a significant, partially listed building in a prime location adjacent to Buckingham Palace, formerly a hotel and subsequently government offices, has planning consent for a residential scheme of 245,000 sq ft which will include a restaurant on the ground floor, car parking and leisure facilities. Palace Revive is ultimately owned by Palace Real Estate Partners LP, the general partner of which is Abu Dhabi Capital Management.
Niccolò Barattieri di San Pietro, Chief Executive Officer, commented:
"1 Palace Street's enviable location overlooking Buckingham Palace along with Northacre's track record of delivering unparalleled developments will ensure this will be the leading high end residential development in Prime Central London.
Northacre's development team are fully committed to replicating the success of our past landmark developments and to achieving the Northacre premium and substantial value creation in relation to the Palace Street development. We intend to build upon this opportunity and continue to actively pursue further developments."
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