Joint Venture

RNS Number : 8129N

Harworth Group PLC

26 September 2019

 

26 September 2019                                                                                                         LEI 213800R8JSSGK2KPFG21

Harworth Group plc

North West joint venture

Harworth Group plc ("Harworth"), a leading regenerator of land and property for development and investment, is pleased to announce that it has entered into a joint venture to pursue a strategic land opportunity in Greater Manchester as it continues to grow its long-term land pipeline for new residential and commercial development.

Harworth has entered into a 50/50 joint venture with Russell Homes (UK) Limited ("Russells") to promote and develop a mixed-use strategic land opportunity within the Greater Manchester area.  The joint venture is seeded with an option to purchase 67 acres of land and a conditional contract for the acquisition of a further 79 acres of land.  Those agreements are currently valued at £1 million, reflecting its early stages of land assembly and promotion.

Owen Michaelson, Chief Executive Officer of Harworth Group plc, said:

"Our new joint venture with Russells will bring land and local knowledge to support the expansion of our strategic land bank and deliver much-needed residential and commercial development in Greater Manchester.  The deal also further demonstrates the value of our move to a regional operating model.  I look forward to progressing this opportunity with Russells."

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Enquiries:

Harworth Group plc Owen Michaelson, Chief Executive Iain Thomson, Head of Communications & IR	T: 0114 349 3160 / 07825 860215 E: [e-mail]
FTI Consulting Dido Laurimore                                                   Richard Gotla Eve Kirmatzis	T: 020 3727 1000 E: [e-mail]

NOTES TO EDITORS

About Harworth Group

Listed on the premium segment of the main market, Harworth Group plc (LSE: HWG) is a leading regenerator of land and property for development and investment which owns, develops and manages a portfolio of approximately 20,000 acres of land on around 120 sites located throughout the North of England and Midlands. The Group specialises in the regeneration of large, complex sites, in particular former industrial sites, into new residential developments and employment areas (harworthgroup.com). 

 

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