Terrace Hill Group, a leading UK property development and investment group, has announced the conditional acquisition of a foodstore and residential development site in Midsomer Norton, Somerset, and reported good progress with three other foodstore developments around the country. The acquisition would be the tenth committed foodstore development in the company's portfolio.
Plus Markets Group has agreed to dispose of Plus Derivatives Exchange, its wholly-owned subsidiary which was set up to provide derivative-related services, to Pipeline Capital. The consideration will be payable on completion of the disposal is a nominal cash amount of £10,000 which will be used for general working purposes by the company.
Sweett Group, an international property and infrastructure consultancy, has completed the sale of its 19% stake in Lift Investments to JV UK Company. The sale, which was made for a total consideration of £0.7m in cash, is part of the group's strategy to capitalise on the value of its existing PFI investment portfolio in order to reinvest in the further development of its core business operations.
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Primary Health Properties, a provider of modern primary healthcare facilities, has said one of its wholly-owned subsidiaries has been contracted to fund the development of and acquire a new modern, purpose built medical centre to be constructed in Stourbridge, West Midlands. The property will be wholly let to a GP practice for a 25-year term and will cost PHP £8.5m (net assets acquired £8.5m). The centre is expected to be completed in the second half of 2013.
GoldStone, which is focused in West and Central Africa, has said it now holds 100% of the Akrokerri licence following its acquisition of the residual 4.9% interest held by Volta Resources. GoldStone purchased the stake for a consideration of 1.5m ordinary GoldStone shares, which Volta is not permitted to dispose of before June 30th. The Akrokerri licence was renewed on May 12th 2011 for a 12 month period.
Newbury Racecourse, a racing, entertainment and events business, has completed a joint venture development agreement with David Wilson Homes (DWH) regarding the long-term redevelopment of the racecourse. Under the agreement DWH will purchase three areas of land at the racecourse on which around 1,500 homes are to be constructed over the course of the anticipated 10-year development programme. DWH is committed to pay a minimum of £42.6m over the course of the programme with the majority of payments being received in the latter stages of the project.
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