17 Dec 2013 09:57
Northacre PLC
("Northacre" or the "Company")
The Lancasters update
The Company announced, inter alia, on 5 December 2013 that it was in advanced discussions to acquire Minerva's interest in Lancaster Gate (Hyde Park) Limited, the company established by Northacre and Minerva as a joint venture to acquire, manage and develop The Lancasters.
This development reached practical completion in November 2011 and the last apartment at The Lancasters was sold this year. Northacre has now paid a total consideration of £6,182,000 to acquire Minerva's interest. In return, Northacre will have full ownership and receive all future dividend distributions whilst continuing to manage the on-going snagging process.
This development has been a seven year process and to realise a product of such quality is a source of pride to the Group. This project has proved to be an excellent long term investment. It has been a great partnership with Minerva and both partners are very proud to have taken part in such a prestigious London development.
As set out in the announcement of 5 December the purchase of Minerva's stake and taking on the snagging process is not expected to have a material effect on the Company's operations or financial performance.
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