LONDON-Terrace Hill Group has agreed to pay approximately $8 million (£5.3M) to acquire all the remaining residential assets of Terrace Hill Residential PLC, its residential investment joint venture in which it owns a 49% interest.
The balance of the interest in THR is beneficially owned by the Chairman of the Group. The purchase was funded by a bank loan of $6.9 million (£4.6M) and cash from the Group's own resources.
The portfolio consists of 47 units in Scotland, Manchester, Bristol and Minehead and currently generate an annual income of approximately $451,000 (£0.3M). The group intends to dispose of these units on a piecemeal basis to owner occupiers, continuing the process adopted by THR prior to the Group's purchase. The purchase price represents the current open market value of the assets as determined by independent third party assessors. Following this transaction, the group's net gearing (including on a look through basis) is expected to be approximately 35%.
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