![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Netapp Inc | TG:NTA | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.48 | -0.40% | 119.18 | 118.90 | 119.26 | 120.42 | 119.18 | 119.54 | 396 | 19:59:56 |
RNS Number:2131L Northacre PLC 16 May 2003 NORTHACRE PLC ("Northacre" or "the company") ACQUISITION, DISPOSAL AND DEVELOPMENT FUND RAISING Northacre PLC announces the acquisition of Vicarage Gate House in a new joint venture single purpose vehicle sponsored by Bahrain based First Islamic Investment Bank ('FIIB'). This derelict former nursing home is in Kensington London, backing onto Kensington Palace Gardens. It is the joint venture's intention to submit a planning application to demolish the existing building enabling a substantial new prime residential development. The structure of the acquisition resulted in an initial payment of #7 million for the site with an additional deferred consideration dependent on the outcome of planning and sales revenues. Northacre has a 10% equity interest in Vicarage Gate Limited, with their interest being subject to a substantial performance fee on the successful conclusion of the scheme. Through its operating subsidiaries, Northacre has entered into contracts for Development Management as well as Architectural and Interior Design services. Northacre PLC also announces the sale of its interest in The Phillimores development to Westcity (QEC) Limited (Joint Venture Partner) for #5.4 million cash (book value #5.4 million) less interest owed to Westcity (QEC) Limited of #382,000. In addition, it is also agreed that Northacre will be entitled to a deferred consideration of a maximum of #2.75 million dependent on the sales proceeds generated by the completed QEC part of The Phillimores development. Northacre will also continue in its appointment with Westcity as Development Managers as well as Architects (Nilsson Design Limited) to the scheme. Northacre plans to channel its capital reserves into co-investing in this new partnership with FIIB. Having completed this first acquisition at Vicarage Gate House, the company is continuing to actively pursue a programme of securing new prime residential development opportunities in Central London on behalf of the new partnership with FIIB. This will enable Northacre to considerably leverage its capital through this new venture, together with fees for the provision of services and a substantial performance related profit share fee. Enquiries: Northacre PLC Tel: 020 7349 8000 John Hunter, Chief Executive Simon Elgar, Finance Director College Hill Associates Tel: 020 7457 2020 Kate Pope Notes to Editors First Islamic Investment Bank ("FIIB") are a Bahrain based investment bank regulated by The Bahrain Monetary Authority. Macquarie Capital Partners Limited acted as advisor to the parties in structuring the fund, assisting in the acquisition of Vicarage Gate House and arranging the senior debt financing. This information is provided by RNS The company news service from the London Stock Exchange END MSCXQLFFXEBXBBE
1 Year Netapp Chart |
1 Month Netapp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions