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17 Dec 2013 09:57
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Northacre PLC
("Northacre" or the "Company")
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The Lancasters update
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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.
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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 Β£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.
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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.
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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.
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Enquiries:
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Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
NiccolΓ² Barattieri di San Pietro (Chief Executive Officer)
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finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
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