Terrace Hill Group PLC
30 March 2007
30 March 2007
Terrace Hill Group PLC ('Terrace Hill' or 'the Group')
AGM Statement
Terrace Hill will hold its Annual General Meeting today at midday at which
Philip Leech, Group Managing Director of Terrace Hill, will make the following
statement:
'The Group made considerable progress last year, as reflected in its final
results, which showed adjusted diluted NAV (ADNAV) up 62.8% to 89.0p per share
and a 57% rise in the final dividend to 1.1p per share. Strong trading has
continued into the new financial year. Recent activities include the
acquisitions of two office developments and the very profitable disposals of an
industrial site and a number of residential investment properties as detailed
below.
Terrace Hill has acquired two prime city centre office development opportunities
in Bristol as follows:
• Bristol Bridge House has been purchased from Morley Fund
Management for £9.2m. The property, which overlooks the floating harbour, will
be refurbished and extended to provide 52,200 sq ft of Grade A office
accommodation in one of the city's most central and attractive locations.
• As part of the Group's strategy to buy income producing
properties with medium term development potential, Canningford House on Victoria
Street, Bristol, has been bought for £2.5m and comprises 20,456 sq ft of
multi-let offices. The building will be re-developed in the medium term
substantially increasing the floor area as leases expire.
Given the Group's policy of maximising shareholder returns through astute asset
trading, a 4.5 acre industrial site at Edmonton has been sold for £7.75m to an
owner occupier, the site was purchased three years ago for £4.5m.
Terrace Hill is pleased to also announce that the first tenant has been
attracted to Hudson Quay, the Group's prestigious urban regeneration scheme at
Middlehaven, Middlesbrough by the letting of 16,000 sq ft to the Crown
Prosecution Service. As a result, construction of the second phase of this
project, which will total 160,000 sq ft at completion, is expected to commence
later this year.
In addition, further rationalisation of the at.home Nationwide residential
investment portfolio is ongoing with the profitable sale of a number of non-core
properties in Scotland. The value of properties now sold or under contract for
sale totals £39.3m. These properties were acquired in July 2006 for £32.2m
showing an increase over their purchase price of 22% on disposal and
demonstrating the substantial discount at which the at.home Nationwide portfolio
was purchased as well as growth in capital values.'
Chairman, Robert Adair, said, 'The record performance in our last year end
results has highlighted Terrace Hill's continued strong growth. Since the year
end we have continued to expand our commercial development portfolio in the
buoyant Bristol office market and have made some profitable asset sales. I am
confident that our continuing strong performance will have led to further
encouraging growth in our adjusted net asset value which should be apparent when
we report our figures for the six months to 30 April 2007. '
* * ENDS * *
For further information visit www.terracehill.co.uk or contact:
Philip Leech, Group Managing Director Tel: 01642 243444
Alasdair Robinson, Noble & Company Limited Tel: 0131 225 9677
Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes to editors:
Terrace Hill Group PLC - AIM-listed property group with two key divisions,
Commercial Development and Residential Investment and Development and a total
development programme of £1.1bn and a market capitalisation in excess of £230m.
This information is provided by RNS
The company news service from the London Stock Exchange
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