Appointment as Development Manager

RNS Number : 3702A

Northacre PLC

19 February 2014

 



Northacre PLC

("Northacre" or the "Company")

Appointment as Development Manager

Northacre is pleased to confirm that, as anticipated in its announcement of 22 August 2013, it has entered into a Development Management Agreement with Bassamey Property Holdings Limited ("Bassamey") under which the Company will be the Development Manager for the 33 Thurloe Square project.

Under the terms of the Development Management Agreement, the Company will be entitled to a fixed development management fee and a performance fee.

Bassamey is a Jersey-based special purpose vehicle which acquired the building at 33 Thurloe Square for a total consideration of £8.6 million, of which £1.3 million has been provided from the existing cash resources of Northacre.

Northacre is aiming to deliver a highly desirable, exquisite single residence of 6,700 square feet overlooking Thurloe Square and the V&A Museum.

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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