Terrace Hill sells residential portfolio to Akelius for £75.35 million (UK)

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

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