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1 Jul 2011 16:09
1 July 2011
Northacre PLC
Update
The LancastersThere continues to be good progress in construction and sales at the Lancasters. The show apartment was recently sold at a level commensurate with other recent sales. Practical completion of the whole development is on course for late summer 2011.
Loans
Northacre has secured a further loan of £2m for working capital and short term financing of project costs of certain interior design contracts which have been awarded.
The facility is for a term of up to 12 months and will be repaid from operating revenue and the proceeds of the Lancasters development, although it can be repaid earlier at any time without penalty. The loan is from Mr Abdulsalam AlRafi, the father of Mohamed AlRafi, a Board Director and Shareholder.
In general, although the senior debt market remains very challenging, we have a renewed energy in our discussions with prospective joint venture partners and investors and anticipate bringing forward new Joint Venture and development management initiatives in the coming months.
Enquiries:
Northacre PLC
Klas Nilsson (Chairman and Chief Executive)
Ken MacRae (Finance Director)
020 7349 8000
Hudson Sandler Ltd
Michael Sandler
020 7796 4133
Peel Hunt LLP (Nominated adviser and broker)
Capel Irwin
Harry Florry
020 7418 8000
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