LONDON -(Dow Jones)- Terrace Hill Group PLC (THG.LN), a U.K. property development and investment group, Thursday reported the completion of the forward funding of a GBP35 million supermarket, pre-let to Sainsbury's (SBRY.LN) on a 25 year lease.
-Property will comprise a new, 97,729 square feet Sainsbury's supermarket, with six pump petrol filling station and 517 parking spaces, located in Sunderland, Tyne and Wear.
-Construction is due to commence in April 2012 with store opening expected in March 2013.
-Acquisition and development has been forward funded by Osprey Supermarket Income and Growth 1 LP, a private investor fund arranged by Osprey Equity Partners.
-Project is being funded through GBP15 million of equity provided by U.K. high net worth individuals and GBP20 million of debt provided by HSBC Bank PLC.
-On completion of the forward funding, the company received GBP2.5 million representing the recovery of its working capital and an initial profit payment.
-Shares of Terrace Hill at 1106 GMT flat at 10.6 pence.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, firstname.lastname@example.org
(END) Dow Jones Newswires
April 05, 2012 07:24 ET (11:24 GMT)
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