Residential Update

RNS Number : 3289X

Terrace Hill Group PLC

13 February 2012

 



Terrace Hill Group PLC

("Terrace Hill" or "the Company")

Residential Update

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has exchanged contracts with an overseas buyer for the sale of a portfolio of properties within Terrace Hill Residential PLC, its 49% owned associate, for a consideration of £75.35 million, with completion expected in early March 2012.  The portfolio had an aggregate book value at 30 September 2011 of £78.8 million.  The proceeds will be used to reduce debt in the associate.

Philip Leech, Chief Executive of Terrace Hill, commented:  "The exchange of contracts for sale of this portfolio is an important step in our planned exit from the residential sector.  We have interest in the balance of the residential assets owned both directly by us and through our associate Terrace Hill Residential PLC."

-Ends-

For further information, please visit www.terracehill.co.uk or contact:

Terrace Hill                                                                           Tel: [phone]
Philip Leech

Oriel Securities (Nominated Adviser)                                    Tel: [phone]

Gareth Price/Mark Young

FTI Consulting                                                                      Tel: [phone]
Stephanie Highett/Richard Sunderland/Olivia Goodall      [e-mail]

Notes to editors:

Terrace Hill Group

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM.  Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.

 

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