Northacre PLC Appointment as Development Manager (1911X)
January 08 2014 - 7:00AM
UK Regulatory
TIDMNTA
RNS Number : 1911X
Northacre PLC
08 January 2014
Northacre PLC
("Northacre" or the "Company")
Appointment as Development Manager
Northacre is pleased to confirm that, as anticipated in its
announcement of 18 September 2013, it has entered into a
Development Management Agreement with Palace Revive Limited
("Palace Revive") under which the Company will be the Development
Manager for the 1 Palace Street project.
Under the terms of the Development Management Agreement, the
Company will be entitled to a fixed development management fee and
a performance fee.
Palace Revive is a Jersey-based special purpose vehicle
established to acquire the building at 1 Palace Street, London. 1
Palace Street is a significant, partially listed building in a
prime location adjacent to Buckingham Palace, formerly a hotel and
subsequently government offices, has planning consent for a
residential scheme of 245,000 sq ft which will include a restaurant
on the ground floor, car parking and leisure facilities. Palace
Revive is ultimately owned by Palace Real Estate Partners LP, the
general partner of which is Abu Dhabi Capital Management.
Niccolò Barattieri di San Pietro, Chief Executive Officer,
commented:
"1 Palace Street's enviable location overlooking Buckingham
Palace along with Northacre's track record of delivering
unparalleled developments will ensure this will be the leading high
end residential development in Prime Central London.
Northacre's development team are fully committed to replicating
the success of our past landmark developments and to achieving the
Northacre premium and substantial value creation in relation to the
Palace Street development. We intend to build upon this opportunity
and continue to actively pursue further developments."
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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