NTA.L Regulatory News (NTA)

24 Jul 2006 07:01

Minerva PLC24 July 2006 24 July 2006 Acquisition of 75 - 89 Lancaster Gate, London, W2 Minerva plc, the FTSE 250 property company, announces today that in jointventure with Northacre plc, it has completed the acquisition of the sharecapital of Cambulo Lancaster Gate Development Limited ("Cambulo") for a cashconsideration of £67.24 million. Cambulo owns the freehold of 75-89 LancasterGate, London W2, formerly Thistle Hotel and now a vacant site. Commenting on today's announcement, Salmaan Hasan, Chief Executive of Minervaplc said: "This Lancaster Gate landmark property presents the Group with an attractiveresidential development opportunity and represents our second joint venture withNorthacre." Enquiries: Brunswick Group LLPJames Bradley/Michaela Hopkins/Tom Williams 020 7404 5959 Notes to Editors: About the acquisition Minerva announced on 1 February 2006 that it, and its joint venture partner,Northacre plc, had exchanged conditional contracts for the acquisition ofCambulo Lancaster Gate Development Limited ("Cambulo") for a consideration of upto £67.6 million. Cambulo was at that time conditionally contracted to acquire75-89 Lancaster Gate, London W2. About Minerva plc Minerva is a FTSE 250 property investment and development company whoseprincipal strategy is to create shareholder wealth through investment inproperty. The Group, amongst several assets, owns three strategic Londondevelopment schemes, each of which has been approved. Two of these developmentsare located in London's financial centre, The City of London - The MinervaBuilding and The Walbrook. The third development, Park Place will be one of theUnited Kingdom's largest shopping centres, located in Croydon, Greater London. About Northacre plc Northacre is a residential property development company with a focus ongenerating profits by procuring and developing high value central Londonproperty. The Group comprises a strong skills base of Development Managers,Architects and Interior Designers for generating added value throughout thedevelopment process. The Company has specialised in the prime value sector since1990 and has established itself as a premium brand for a high quality product. This information is provided by RNS The company news service from the London Stock Exchange