Thg Regulatory News (THG)

6 Sep 2006 07:01

Terrace Hill Group PLC06 September 2006 6 September 2006 Terrace Hill Group PLC ("Terrace Hill") Sale Of Two Prime Retail Parks For £28 Million Terrace Hill, the AIM-listed property group, announces that it has sold twoprime retail park developments to Morley Pooled Pensions Ltd for a combinedtotal of £28.0 million in cash. The pre-sale of Gala Water Retail Park atGalashiels (43,500 sq ft) and the Blyth Valley Retail Park at Blyth inNorthumberland (61,000 sq ft), both which were due to be completed in the summerof 2007, provides Terrace Hill with yields of 4.75 per cent. and 5.15 per centrespectively. Both parks are almost fully pre-let. Marks and Spencer plc, Next plc and NewLook are amongst the tenants at Gala Water, while a 35,000 sq ft let to Homebaseanchors Blyth Valley. Other occupiers at Blyth include Storey Carpets, Bedshedand a KFC drive-in. It is estimated that up to 500 new and sustainable jobswill be created at the two parks. Managing Director Philip Leech said: "Both Galashiels and Blyth have provedpopular locations as highlighted by the number of prestigious pre-lets secured.The sale of these parks, ahead of completion and at yields above expectations,further emphasises our ability to recognise lucrative opportunities, expandingboth the Terrace Hill brand and its growing reputation as a leading UK propertydevelopment and investment group." For further information visit www.terracehill.co.uk or contact: Philip Leech, Group Managing Director Tel: 01642 243444 Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677 Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes to editors Terrace Hill Group PLC - AIM-listed property group with two key divisions,Commercial Development and Residential Investment and Development, and a totaldevelopment programme of over £900 million. The Group continuously exploresways of leveraging its equity to enhance returns for its shareholders andrecently established Terrace Hill Development Partnership, a commercial propertydevelopment fund. Additionally, it has moved into the healthcare sector and isdeveloping a retirement village in joint venture. The results to 30 April 2006reported Triple Net Asset Value per share of 52.65p and total group assets of£197.9 million. This information is provided by RNS The company news service from the London Stock Exchange