Northacre completes sale of Thurloe Square project for £12.75m

25th Jun 2014 13:35

Real estate investment group Northacre has completed the sale of the 33 Thurloe Square project in London for £12.75m, bringing the total anticipated proceeds for the project to around £1.2m. Northacre originally agreed to manage and refurbish the property on behalf of Bassemey, which acquired the site in August 2013 for £8.6m. Of this, Northacre contributed £1.3m from its own cash resources through an equity investment in Bassemey. Northacre was subsequently appointed as development managers to the project in February 2014 and under this agreement is also entitled to a fixed development management fee and an additional performance fee.As of 11:42 the share price had risen by 5.88% to 69p.WS