ARTISAN (UK) PLC
16 September 1999
ARTISAN (UK) plc
(Commercial and Leisure Industry Contractor - AIM)
The Board of Artisan (UK) plc ('Artisan) announce that it
has signed a joint venture agreement with Guardian
Assurance plc ('Guardian') to develop industrial units at
Cardinal Business Park, Godmanchester, Cambridgeshire.
Artisan, sold its long-leasehold interest in the site at
Cardinal Park to Guardian for £1.450,000 cash and at the
same time both parties entered into an agreement for the
development of the site by Artisan with Guardian
providing the funding for the development. The value of
the site is shown in the company's balance sheet as
£1,150.000 and will be used to fund further development
projects.
The development will comprise of 12 light industrial
units with ancillary offices comprising a total gross
internal area in excess of 73,000 square feet. When
fully let, the agreement between Artisan and Guardian,
provides for valuation of the development on a profit
sharing basis, following deduction of development costs.
Artisan expects the gross revenues to be around £5.47m.
Enquiries:
Artisan (UK) plc 01480 436 666
Stephen Dean, Chairman
Mobile 0385 938 782
Seymour Pierce Ltd. 0171 648 8700
Richard Feigen/Sarah Wharry
Boswell City Financial PR Ltd. 0171 583 2001
Glenda Boswell
Mobile 0468 235 735