The Vicarage - Sale of Shareh

RNS Number : 4681Q

Northacre PLC

03 August 2010

 



Northacre Plc

 

The Vicarage - Sale of Shareholding

3rd August 2010

Northacre Plc ("the Company") announces today that it has completed the sale of its shareholding in Vicarage Gate Holdings Ltd (The Vicarage) to Kokomo Beach Pte Ltd for a total full cash sum of £1.33m representing the equity invested to date in the joint venture. Northacre will remain as the Development Manager and continue to provide the Development Management, Architectural and Interior Design services under new agreements, together with an improved incentivised profit share participation. Kokomo Beach Pte Ltd is the current joint venture partner in The Vicarage scheme. The proceeds will reduce the Company's debt position and allow investment into new opportunities in 2010.

Klas Nilsson, Chairman, commented:

"Following the granting of planning for this prime residential development, we have been in very positive discussions with Kokomo regarding improving the design and the commencement of works on site which has set the platform for a long and promising business relationship between both parties going forward. We are very pleased with this outcome with our new partner and look forward to finally delivering this exceptional scheme in one of Central London's most sought after areas and commensurate with the quality of the Northacre brand. "

David Fu, Director of Kokomo, commented:

"We are delighted at the prospect of commencing The Vicarage development with Northacre. The scheme has been locked in planning for many years and we look forward to finally turning this site into a prime residential scheme in one of the most sought after areas of Kensington. "

ENQUIRIES:

NORTHACRE PLC       020 7349 8000

Klas Nilsson                     Chairman and Chief Executive

Manish Santilale              Finance Director

KBC PEEL HUNT         020 7418 8900

Capel Irwin

 

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