Mar City PLC Land Acquisitions (0616D)

TIDMMAR

RNS Number : 0616D

Mar City PLC

25 March 2014

25 March 2014

MAR CITY PLC

('Mar City' or 'the Company')

Land Acquisitions

Mar City (AIM: MAR.L) the London and Midlands focused housebuilder is pleased to announce that it has acquired land, which will add a further 622 plots to its land bank.

The Company has signed contracts (the "Contracts") for an aggregate value of approximately GBP17.8m million, which will add 622 plots and a retail unit to its land bank, for the following sites:

   --     Cranford Street, Smethwick in the Midlands - 142 units of family housing. 
   --     New Malden, London - 80 units consisting mainly of apartments and ground floor retail unit. 
   --     Hall Green Road, Sandwell - 250 units of family housing. 
   --     Darkhouse Lane, Dudley - 150 units of family housing. 

The additional 622 units acquired will add to the 512 units acquired in December 2013, moving the current land bank to c. 1,100 units. With a strong balance sheet and cash and debt facilities, the Company is well positioned to secure additional sites in the coming year. There is a strong pipeline and the Company are seeking to acquire at least 2,000 plots this year, which would create a land bank of at least 3 years, by the end of the current year.

Ends

 
 
   Enquiries: 
 
                Mar City PLC                     www.marcityplc.com 
 Tony Ryan, CEO 
  Marcus Jones, Finance Director               [phone] 
 
 WH Ireland Limited, NOMAD and                 www.wh-ireland.co.uk 
  Joint Broker 
 Mike Coe                                      [phone] 
 
 Shore Capital, Joint Broker                     www.shorecap.co.uk 
 Dru Danford / Stephane Auton 
  / Jamie Cameron                               [phone] 
 
 Gable Communications               [e-mail] 
  John Bick                                    [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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