Acquisition

27 Oct 2005 07:00

Artisan (UK) PLC27 October 2005 Artisan (UK) plc Residential Land Purchase Rippon, the residential housing subsidiary of Artisan (UK) plc, announces it hascompleted arrangements for the purchase of a major site in Mansfield. Work onPhase I will be commencing immediately. The purchase contract provides for thedeferred completion of Phase II during 2006, providing a total site withplanning permission for a minimum of 76 units. The existing planning permissionallows for 46 houses and 30 apartments. Rippon will be utilising its siteplanning and design expertise to enhance the number of units. This significant site of 3.4 acres, which has the benefit of detailed planningpermission, is close to the centre of Mansfield, in Rippon's heartland and willresult in the regeneration of this old industrial site. The relocation of thebusiness premises on the outskirts of Mansfield will ensure the employment ofthe vendor's workforce continues. Rippon is commencing development on this site immediately with initial salesexpected in 2006. Chris Musselle, Chief Executive of Artisan (UK) plc said "We are excited by theacquisition of this strategic site demonstrating Artisan's promised commitmentto invest funds in the Rippon Homes land bank". John Jones as Managing Director of Rippon Homes said "We plan to follow thisinvestment with further land purchases for both larger strategic sites such asthis and smaller niche sites". Enquiries to: Artisan (UK) plc: 01480 436666Chris Musselle Chief Executive email@artisan-plc.co.uk Rippon Homes Limited 01623 659000John Jones Managing Director Seymour Pierce Nominated advisers 020 7107 8000Sarah Wharry Bankside Consultants Financial PR advisers 020 7367 8888Simon Rothschild 07703 167065 Company website: www.artisan-plc.co.uk This information is provided by RNS The company news service from the London Stock Exchange