Northacre Sells 11 More Lancaster Gate Apartments For GBP107.5M

29th Jun 2010 09:35

LONDON (Dow Jones)--Northacre PLC (NTA.LN), a property developer in partnership with Minerva PLC (MNR.LN), said Tuesday that through recent off market activity over the last few months, contracts have now been exchanged to sell a further 11 apartments at its Lancaster Gate scheme for a total consideration of GBP107.5 million. MAIN FACTS: -Following this, pre-sales totalling GBP230 million have now been achieved, representing just over half of the total area of the scheme. -These sales further underpin the company's confidence that the project will generate significant returns. -The official launch of the scheme commenced last week, with completion of the development scheduled for summer 2011. -Northacre shares at 0830 GMT up 3.50 pence, or 10.94%, at 35.50 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; [email protected] (END) Dow Jones Newswires June 29, 2010 04:35 ET (08:35 GMT)