Last checked at 7 Mar 2012 12:37
7 March 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
Terrace Hill Sells Residential Portfolio to Akelius for £75.35 million
Further to the Company's announcement of 13 February 2012, Terrace Hill Group (AIM: THG), a leading UK property development and investment group, announces that it has completed the sale of a residential portfolio within Terrace Hill Residential PLC, its 49% owned associate, to Swedish property group Akelius for a consideration of £75.35 million.
Philip Leech, Chief Executive of Terrace Hill, commented: "This sale marks a significant step in our strategy of divesting the Company's residential portfolio in order to focus on our pipeline of development opportunities. We have also received a good level interest in our remaining residential assets and expect to make further sales during the course of the year."
-Ends-
For further information, please visit www.terracehill.co.uk or contact:
Terrace Hill | Tel: 020 7631 1666 |
Philip Leech | |
Oriel Securities (Nominated Adviser) | Tel: 020 7710 7600 |
Gareth Price/Mark Young | |
FTI Consulting | Tel: 020 7831 3113 |
Stephanie Highett/Richard Sunderland/Olivia Goodall/Will Henderson | terracehill@fticonsulting.com |
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM. Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.