Regulatory News Item
2008/11/06
REG-Westcity PLC Termination of Kenny Heights
<pre>http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20081106:RnsF5542H
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RNS Number : 5542H
Westcity PLC
06 November 2008
Westcity plc
Termination of Kenny Heights development project
Westcity plc announces that, in view of current market conditions, the share
sale agreement dated 1 November 2007 and associated transaction documents
between, among others, Stonehage Westcity Property Fund and SWX Malaysia Limited
relating to the sale and purchase of 40% of Kenny Heights Westcity Sdn. Bhd. and
the development of a mixed residential and retail project in Kuala Lumpur,
Malaysia known as Kenny Heights, have today been mutually terminated with no
further obligations to or claims against any other parties thereto.
Following this, neither the Stonehage Westcity Property Fund nor the Company
will have any further involvement with the Kenny Heights development project.
The Stonehage Westcity Property Fund, together with Wescity plc as its property
adviser, continue to seek global real estate investment opportunities which will
achieve acceptable rates of return for the fund's investors.
Enquiries:
Westcity plc + 44(0)207 424 6700
Ira Rapp, Chief Executive Officer
KBC Peel Hunt (Nominated adviser and Broker) +44(0)207 418 8900
Alex Vaughan
Oliver Stratton
This information is provided by RNS
The company news service from the London Stock Exchange
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