19 Feb 2014 07:00
Northacre PLC
("Northacre" or the "Company")
Appointment as Development Manager
Northacre is pleased to confirm that, as anticipated in its announcement of 22 August 2013, it has entered into a Development Management Agreement with Bassamey Property Holdings Limited ("Bassamey") under which the Company will be the Development Manager for the 33 Thurloe Square project.
Under the terms of the Development Management Agreement, the Company will be entitled to a fixed development management fee and a performance fee.
Bassamey is a Jersey-based special purpose vehicle which acquired the building at 33 Thurloe Square for a total consideration of £8.6 million, of which £1.3 million has been provided from the existing cash resources of Northacre.
Northacre is aiming to deliver a highly desirable, exquisite single residence of 6,700 square feet overlooking Thurloe Square and the V&A Museum.
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