RNS Number : 4806R
Terrace Hill Group PLC
04 November 2011
4 November 2011
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
Terrace Hill markets residential investment business as it continues to focus on foodstore development
Terrace Hill Group PLC (AIM: THG), a leading UK property development group, and its JV partners announce that they have appointed Ernst & Young to market the assets of Terrace Hill Residential PLC for sale. Terrace Hill owns a 49% interest in the joint venture.
Terrace Hill Residential PLC owns 59 properties comprising 1434 units, mainly in unbroken stand-alone modern blocks spread across the UK with, by value, a 50% weighting to the London and South East markets.
The decision to market the portfolio for sale reflects the Company's strategic intention to re-focus its activity away from residential investment property. This will enable Terrace Hill to focus all of its attention on its core commercial development operations and its fast growing foodstore development business in particular.
Philip Leech, CEO of Terrace Hill, said: "In recent years, the Company has focused primarily on growing and consolidating its development business, and specifically its supermarket development platform. Despite the strong prospects for residential property over the medium term, we believe we can deliver far greater returns for our shareholders from our foodstore development business. There is no doubt that we are fast becoming one of the market leaders in this sector and we are determined to focus our resources to grow that side of our business rapidly."
For further information, please visit www.terracehill.co.uk or contact:
Terrace Hill Tel: 020 7631 1666
Oriel Securities (Nominated Adviser) Tel: 020 7710 7600
Gareth Price/Mark Young
FTI Consulting Tel: 020 7831 3113
Stephanie Highett/Richard Sunderland/Olivia Goodall email@example.com
Ernst & Young
Julie Green Tel: 020 7951 9560
Fergal O'Reilly Tel: 020 7951 0756
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM, with two key divisions:
· Commercial development
· Residential investment.
Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester.
This information is provided by RNS
The company news service from the London Stock Exchange