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25 June 2014

Northacre is pleased to announce that Bassemey Limited ("Bassemey"), a Jersey-incorporated special purpose vehicle, has completed upon the sale of the 33 Thurloe Square project for an agreed price of £12.75m. The property was acquired by Bassemey in August 2013 for a total consideration of £8.6 million. As set out in the Company's announcement of 22 August 2013, Northacre originally made an equity investment of £1.5 million (representing a 15% interest) in Bassemey from its existing cash resources.

Northacre were appointed as development managers to the project in February 2014, and under the terms of the Development Management Agreement ("DMA"), Northacre is also entitled to a fixed development management fee and an additional performance fee.

Northacre currently anticipates that the total proceeds from its participation in the project (comprising of both return on its equity investment and fees under the DMA) will be approximately £1.2 million.

Enquiries:

Northacre PLC
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
Tel: 020 7349 8000

finnCap Ltd
Stuart Andrews
Henrik Persson
Tel: 020 7220 0500

Company Information Nominated Advisor & Broker:

finnCap Ltd
60 New Broad Street
London EC2M 1JJ
(T) 020 7220 0500

Solicitors:

Berwin Leighton Paisner LLP
Adelaide House
London Bridge
London EC4R 9HA
(T) 020 3400 1000

Auditors:

Kingston Smith LLP
Devonshire House
60 Goswell Street
London EC1M 7AD
(T) 020 7566 4000

Capita Registrars
The Registry
34 Beckenham Road
Beckenham, Kent BR3 4TU
(T) 0871 664 0300
(F) 0148 460 1512

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