Sale of Interest in The Abing

RNS Number : 7684E

Northacre PLC

29 December 2009

 



Northacre Plc

Sale of Interest in The Abingdons Partnership (The Kensington Odeon).

29th December 2009

Northacre Plc ("the Company") announces today that it has completed the sale of its interest in The Abingdons Partnership to Minerva Plc for a total full cash sum of £2.25m which includes the return of the equity invested to date in the Partnership of £0.74m. The proceeds will reduce the Company's debt position and allow investment into current and new opportunities in 2010.

John Hunter, Chief Executive, commented:

"This sale has allowed the Company to shore up its finances and to focus on the delivery of The Lancasters Hyde Park and The Vicarage Kensington."

ENQUIRIES:

NORTHACRE PLC       020 7349 8000

John Hunter                    Chief Executive

Manish Santilale             Finance Director

KBC PEEL HUNT        020 7418 8900

Capel Irwin

Anthony Bell

 

END

 

 

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