Acquisition

Northacre PLC 18 October 2005 Northacre Plc Acquisition Announcement Northacre Plc announces today that in partnership with Minerva Plc it has exchanged contracts with Odeon Cinemas Limited for the acquisition of the Odeon, High Street Kensington for £24m. Subject to planning, Northacre and Minerva intend to develop a high quality mixed-use scheme to include a new multi-screen cinema with apartments on the upper floors with underground parking. Debt for the scheme is to be provided by Deutsche Postbank. The partnership with Minerva cements a long standing business relation between it's Chief Executive, Salman Hasan, and John Hunter, Chief Executive of Northacre. Commenting on today's announcement, John Hunter said: ' The acquisition of the Odeon site is indeed a significant event, not least because of the high profile nature of this site, but also due to the new partnership with Minerva Plc. The combined diverse skills of our two companies gives us the best prospect of generating added value. We look forward to creating and enhancing the full potential of this exceptional opportunity with our new partners.' Enquiries: Northacre Plc John Hunter, Chief Executive Tel : 020 7349 8000 This information is provided by RNS The company news service from the London Stock Exchange
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