Northacre PLC: Acquisition | Company Announcements

Thursday 23 August, 2007

Northacre PLC

Acquisition

Northacre PLC
23 August 2007


                       ACQUISITION - LEINSTER HOUSE HOTEL


Northacre plc announces today that in a joint venture with Minerva Plc they have
acquired the LLH Limited Partnership (LLH) from Mr and Mrs Gerrard for a cash
consideration of £5.

LLH has conditionally contracted to acquire the Leinster House Hotel, W2 (the
Property) for a cash consideration of £20 million and the assets and hotel
business carried on at the Property for a cash consideration of £250,000. LLH
has no other assets. Completion is expected to take place in early October 2007.

The Property is to be acquired with the benefit of a 'block booking' agreement
with Westminster City Council. Net income from the Property (after costs) is
estimated at £0.8m per annum.

Commenting on today's acquisition, John Hunter, Chief Executive of Northacre
PLC, said :

'The acquisition of LLH is another step forward for Northacre in securing an
additional site to add to its pipeline of development opportunities.'


Enquiries :

Northacre Plc                     020 7349 8000

John Hunter, Chief Executive

Manish Santilale, Finance Director


KBC Peel Hunt Limited             020 7418 8900

Nicholas Marren

Capel Irwin



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