RNS Number:5064K
Westcity PLC
21 December 2007
Westcity plc
Acquisition of Queen's Wharf property
Westcity plc is pleased to announce that the Stonehage Westcity Property Fund,
in a 50/50 joint venture with Byrne Estates Limited, has contracted to purchase
the property at Queen's Wharf, Hammersmith for £30.75m. The purchase price will
be funded by approximately 25% equity and 75% senior debt.
The Queen's Wharf site, located on the River Thames adjacent to the Hammersmith
Bridge, is a prime site enjoying excellent views along the river. Westcity plc,
together with Byrne Estates Limited and Ardmore Construction Limited, both part
of the Ardmore Group, will jointly develop the property. It is intended, subject
to relevant planning consents, to develop approximately 115,000 square feet of
residential housing space resulting in approximately 160 open market and
affordable housing units.
Westcity plc chief executive Ira Rapp said, " The opportunity to develop this
unique site fits perfectly with the core development skills of Westcity and the
construction and development experience and capabilities of the Ardmore Group."
Enquiries:
Ira Rapp, Chief Executive Officer
Westcity plc + 44(0)207 424 6700
Nick Maslen & Oliver Stratton
KBC Peel Hunt (Nominated adviser and Broker) +44(0)207 418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
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