The Lancasters Update

RNS Number : 3805O

Northacre PLC

29 June 2010

 

29^thJune 2010

Northacre Plc

The Lancasters Update

Northacre plc ("the Company") is pleased to announce that contracts have now been exchanged to sell a further 11 apartments at The Lancasters for a total consideration of £107.5 million.  Following this sale, pre-sales totalling approximately £230 million have now been secured representing just over 50 percent of the total area of the scheme.

These sales support the Company's confidence that the development will generate significant returns.  The official launch of the development commenced last week with the launch of the impressive show apartment, dressed by our Interior Design subsidiary, Intarya  Ltd. Completion is scheduled for summer 2011.

Klas Nilsson, Chairman and Chief Executive of Northacre plc, said:

"We are truly encouraged by the level of interest we have seen in The Lancasters which further supports quality of the development in Central London.  There is a chronic shortage of high end residential schemes of this quality in the market and when complete, we will deliver a range of stunning apartments, combining the historical features and grand setting of the building with contemporary facilities." 

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All Enquiries:

Northacre Plc

Klas Nilsson, Chief Executive                                      

Manish Santilale, Finance Director

020 7349 8000

KBC Peel Hunt

Capel Irwin

020 7418 8900

 

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