LONDON, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Cheshire Property Development Group Limited, ("CPDG" or the "Company") a leading luxury real-estate development Company with a strong emphasis on creating opulent living and exclusive residential real-estate, is pleased to announce, pursuant to our previously broadcast Stock Purchase Agreement with the private equity group Green Coast Capital International outlining our intent to increase the Company's luxury property portfolio, it has entered into a Share Purchase Agreement (the "Agreement") with the London based property development company Rock 102 Limited ("ROK").
Under the Agreement, CPDG has agreed to acquire all issued and outstanding shares in ROK, the transaction is subject to certain milestones set out within the terms of the Agreement, the closing of the transaction is subject to a part cash, part stock consideration (the "Deferred Earnout").
CPDG aims to acquire all trading and operational assets of ROK including its development located at 102/104 Rose Hill, Surrey, the development comprises of seventeen apartments ranging from 552 SqFt to an exclusive lift accessed 3 bed 1,017 SqFt penthouse suite. Blended, the apartments encompass 11,403 SqFt of bankable real-estate with a minimum (sold as a portfolio) anticipated GDV of £7,200,000.00
With the construction program on schedule, the project is set for practical completion no later than June 2025.
Colin Ballantyne, Director ROK, commented:"The ROK team have worked extremely hard over the past few months demonstrating exceptional diligence and commitment to this transaction. We are excited about the future and look forward to further developing luxury real-estate under the banner of CPDG".
Proposed Offering: Furthermore, CPDG plans to offer a non-brokered placement (the "Offering") via the issuance of a Convertible Note (the "Notes") with a proposed aggregated principal amount of GBP £500,000.00. The Notes intend to be sold in a private offering only to persons reasonably believed to be qualified institutional buyers.
The Notes will be obligations of CPDG and bear interest at a rate customary to these types of offerings and convert at a premium payable in arrears at the term end and be subject to customary closing conditions. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods throughout the term of the Note, the manner of the conversion will be at the Note Holder's discretion.
Paul Carroll, Director CPDG, commented: "Speaking on behalf of the Board and our shareholders, we are extremely pleased to add ROK to our portfolio, we will expand our national footprint swiftly and significantly. The acquisition will allow CPDG to draw on the support of ROK's London based team and the wide range of property development services they provide. I would wish to thank everyone at CPDG, our shareholders and ROK for their support and assistance with this transaction".
Note: This announcement is neither an offer to sell nor a solicitation of an offer to buy any of the notes or any shares of CPDG Class A common stock potentially issuable upon conversion of the notes and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
For Further Information, Contact:
Cheshire Property Development Group Limited
Investor Relations Manager
E: info@cheshirepropertydevelopmentgroup.com
