Acquisition

1 Feb 2006 13:07

Northacre PLC01 February 2006 Northacre plc Conditional acquisition of 75-89 Lancaster Gate, London W2 Northacre plc announces today that in a joint venture with Minerva plc, the FTSE250 property company, they have exchanged conditional contracts for theacquisition of the share capital of Cambulo Lancaster Gate Development Limitedfor a cash consideration of up to £67.6 million and which is conditionallycontracted to acquire 75-89 Lancaster Gate, London. Commenting on today's announcement, John Hunter, Chief Executive of Northacreplc said: "75-89 Lancaster Gate will be acquired with vacant possession presentingNorthacre with another attractive residential development opportunity." 1 February 2006 Enquiries: John Hunter, Chief Executive 020 7349 8000Northacre plc This information is provided by RNS The company news service from the London Stock Exchange