Further to the company's announcement February 13, 2012, Terrace Hill Group (AIM: THG), a leading UK property development and investment group, announces that it has completed the sale of a residential portfolio within Terrace Hill Residential PLC, its 49% owned associate, to Swedish property group Akelius for a consideration of £75.35 million (approx. 90 million).
Philip Leech, Chief Executive of Terrace Hill, commented: "This sale marks a significant step in our strategy of divesting the Company's residential portfolio in order to focus on our pipeline of development opportunities. We have also received a good level interest in our remaining residential assets and expect to make further sales during the course of the year."
Source: FTI Consulting