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."
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For further information, please visit www.terracehill.co.uk or contact:
Terrace Hill Tel: 020 7631 1666
Philip Leech
Oriel Securities (Nominated Adviser) Tel: 020 7710 7600
Gareth Price/Mark Young
FTI Consulting Tel: 020 7831 3113
Stephanie Highett/Richard Sunderland/Olivia Goodall terracehill@fticonsulting.com
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.