Development Securities Signs GBP12.1 Million Paddington Central Termination Pact
August 16 2013 - 2:50AM
Dow Jones News
LONDON--Development Securities PLC (DSC.LN), a U.K. real estate
developer and investor, said Friday it has signed a 12.1 million
pound agreement with Aviva Investors and British Land Co PLC
(BLND.LN) to terminate its development management contract at
Paddington Central.
MAIN FACTS:
-The agreement includes a compensation payment of GBP7.1
million, together with the return of Development Securities' GBP5.0
million of working capital.
-Development Securities shares closed Thursday at 195 pence
valuing the company at GBP238.35 million.
-Write to Ian Walker at ian.walker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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