StockMarketWire.com - Terrace Hill Group plc (LON:THG), a UK property development and investment group, announces that it has exchanged contracts with an overseas buyer for the sale of a portfolio of properties within Terrace Hill Residential, its 49% owned associate, for a consideration of £75.35 million, with completion expected in early March 2012.
The portfolio had an aggregate book value at 30 September 2011 of £78.8 million. The proceeds will be used to reduce debt in the associate. Philip Leech, Chief Executive of Terrace Hill, commented: "The exchange of contracts for sale of this portfolio is an important step in our planned exit from the residential sector. We have interest in the balance of the residential assets owned both directly by us and through our associate Terrace Hill Residential PLC."
At 3:42pm: (LON:THG) Terence Hill Group share price was -0.12p at 12.38p
Story provided by StockMarketWire.com
MoneyAM.com
MoneyAM website is aimed at investors of all levels of experience including City professionals, investors and full-time traders.
- Free live share prices
- Free live watch lists
- UK and Worldwide Indices
- Live market News
- Company Fundamentals
- Charts - Intraday and historic
- Stock Portfolio
Shares Magazine
Shares is the leading weekly publication for high net worth private investors and stock market professionals and as such is read weekly by thousands of private investors, analysts, fund managers, stockbrokers and company directors.
Broker Forecasts
Brokerforecasts.com publishes equity upgrades, downgrades, reiterations, resumption and drops in coverage, as well as price target changes to a desktop or via alerts to email.
All recommendations are delivered and updated as soon as possible after release. The majority will be on brokerforecasts.com prior to market open.
Directors Holdings
Company directors know the state of their business better than anyone. That's why professional investors like to keep a close watch on the directors who are buying and selling and often follow their lead. DirectorsHoldings.com provides all the necessary screening and search tools.