LONDON (Thomson Financial) - Red Leopard Holdings PLC said joint venture
partner First Broughton Group UK Ltd has signed a deal to buy property at 46
Preston Road, Weymouth for 800,000 stg and plans to apply for planning
permission to demolish the existing property and build a development of eight
apartments.
Red Leopard said it does not have any equity interest in the property or in
First Broughton but under the terms of the two groups' joint venture agreement
Red Leopard will receive interest and a third of all proceeds net of interest
and expenses upon the future sale of the property.
The company signed a joint venture agreement with First Broughton in 2007
under which it loaned 80,000 stg to to First Broughton to invest in the UK
residential property market.
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ash/slm
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