03 August 2006
3rd August 2006
Acquisition of the Ram Brewery and 20-30 Buckhold Road, Wandsworth, SW18
Minerva plc, the FTSE 250 real estate company, announces today that it has
exchanged contracts to acquire The Ram Brewery site and 20-30 Buckhold Road in
Wandsworth, London SW18 for a cash consideration of £69 million.
Vacant possession will be given by the vendor, Youngs & Co's Brewery plc
("Youngs"), and the consideration for the acquisition will be paid as follows:
- An immediate deposit of £14 million;
- £8.5 million payable in June 2007, on completion of the
sale of 20-30 Buckhold Road site; and
- £46.5 million payable in January 2008, on completion of
the sale of the Ram Brewery site.
In addition, agreements have been entered into giving Youngs a right of first
refusal on 20,000 sq. ft. of offices at 20-30 Buckhold Road and units in the
completed scheme to be used as licensed premises.
Commenting on today's announcement, Salmaan Hasan, Chief Executive of Minerva
"This significant acquisition presents the Group with an exciting development
opportunity, utilising our own core skills and expertise. We look forward to
working with key stakeholders to explore the opportunities prevailing from such
a strategic location ."
Brunswick Group LLP
Michaela Hopkins 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange