Robert Adair, group chairman of Terrace Hill Group, said: "The net proceeds will reduce gearing and will be applied towards the many exciting developments opportunities which the Group has on hand." Terrace Hill has a current development programme totalling 2.1 million sf of commercial floorspace in all sectors with a potential end value of £200 million ($320 million)

Donaldsons acted for Terrace Hill and Allsop & Co acted for the purchaser.

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