Acquisition of Development Project

RNS Number : 0478O

Northacre PLC

01 August 2014

 



Northacre PLC

("Northacre" or the "Company")

Acquisition of Development Project

Northacre is pleased to announce completion of the acquisition of 22 Prince Edward Mansion (the "Property") by Northacre Capital (7) Limited, a wholly owned subsidiary of Northacre. The acquisition, for a price of £3.7m payable in cash on completion, and subsequent development project, will be financed by a combination of Northacre's existing cash resources and third party debt finance.

The Property is a sought after period mansion block located in the heart of Notting Hill, London, and enjoys close proximity to the expansive green spaces of Kensington Gardens. The concept is to create an exclusive 2,675 square foot lateral penthouse apartment, with the potential use of outdoor terraces. Northacre expect to start work on-site in October 2014 with completion due during the summer of 2015.

Enquiries:

Northacre PLC                                                                                                                   Tel: [phone]

Klas Nilsson (Non-Executive Chairman)

Niccolò Barattieri di San Pietro (Chief Executive Officer)

finnCap Ltd                                                                                                                         Tel: [phone]

Stuart Andrews

Henrik Persson

 

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