City Lofts Group acquires development site at Kings Waterfront Liverpool (UK)

City Lofts Group PLC (AIM:CTF), a leading developer of urban mixed-use property schemes primarily focused on residential apartments, announces the acquisition of a new development site at Kings Waterfront, Liverpool, in a 50:50 joint venture with David McLean Holdings.

Contracts have been exchanged to acquire the site at Kings Waterfront from national regeneration agency English Partnerships. The site was granted a detailed planning consent in September 2006 for 429 apartments in three blocks. Cash consideration for the site will be a total of €25 million (£17.6 mln.). The Gross Development Value (GDV) of the development is anticipated at €127.5 million (£89.7 mln.).

Aerial view of the Kings Waterfront development.

This site forms part of the €554 million (£390 mln.). Kings Waterfront development of 14.6 hectares (36.06 acres) of prime Liverpool waterfront immediately to the south of the Albert Dock complex and will include a state-of-the-art arena, conference and exhibition facilities, retail and leisure and two hotels.

Stuart Wright, Group Chief Executive of City Lofts, commented: "This is an exciting development on the Liverpool waterfront and we are very pleased to be working with English Partnerships and in a joint venture with David McLean Holdings."

Source: City Lofts Group PLC

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