Sale of Residential Portfolio for ?75.35m

RNS Number : 8788Y

Terrace Hill Group PLC

07 March 2012

 



7 March 2012

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

Terrace Hill Sells Residential Portfolio to Akelius for £75.35 million

Further to the Company's announcement of 13 February 2012, Terrace Hill Group (AIM: THG), a leading UK property development and investment group, announces that it has completed the sale of a residential portfolio within Terrace Hill Residential PLC, its 49% owned associate, to Swedish property group Akelius for a consideration of £75.35 million.  

Philip Leech, Chief Executive of Terrace Hill, commented:  "This sale marks a significant step in our strategy of divesting the Company's residential portfolio in order to focus on our pipeline of development opportunities. We have also received a good level interest in our remaining residential assets and expect to make further sales during the course of the year."

-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/Will Henderson	[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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