Northacre PLC Appointment as Development Manager (3564F)

TIDMNTA

RNS Number : 3564F

Northacre PLC

23 April 2014

Northacre PLC

("Northacre" or the "Company")

Appointment as Development Manager

Northacre is pleased to announce that it has entered into a Development Management Agreement with Vicarage Gate (1314) Limited, a special purpose vehicle incorporated for the purposes of this project, under which the Company will be the Development Manager for the development of the '13 & 14 Vicarage Gate' project. This project is separate from the neighbouring 'Vicarage Gate House' development, which is also under the instruction of Northacre.

Under the terms of the Development Management Agreement, the Company will be entitled to a fixed development management fee and a performance fee.

13 & 14 Vicarage Gate has been purchased with the intent of refurbishing the building. At present, both 13 & 14 Vicarage Gate are internally connected and consist of seven flats. The new scheme proposes eight residential apartments with a total area of 13,141 sq. ft. The area surrounding the property is predominantly residential.

Enquiries:

Northacre PLC Tel: [phone]

Klas Nilsson (Non-Executive Chairman)

Niccolò Barattieri di San Pietro (Chief Executive Officer)

finnCap Ltd Tel: [phone]

Stuart Andrews

Henrik Persson

This information is provided by RNS

The company news service from the London Stock Exchange

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