25 Jun 2014 07:00
Northacre PLC
("Northacre" or the "Company")
Sale of Development Project
Northacre is pleased to announce that Bassemey Limited ("Bassemey"), a Jersey-incorporated special purpose vehicle, has completed upon the sale of the 33 Thurloe Square project for an agreed price of £12.75m. The property was acquired by Bassemey in August 2013 for a total consideration of £8.6 million. As set out in the Company's announcement of 22 August 2013, Northacre originally made an equity investment of £1.5 million (representing a 15% interest) in Bassemey from its existing cash resources.
Northacre were appointed as development managers to the project in February 2014, and under the terms of the Development Management Agreement ("DMA"), Northacre is also entitled to a fixed development management fee and an additional performance fee.
Northacre currently anticipates that the total proceeds from its participation in the project (comprising of both return on its equity investment and fees under the DMA) will be approximately £1.2 million.
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