22^nd October 2009

 

STIRLING MORTIMER NO.8 FUND UK LAND LIMITED  

(Incorporated in Guernsey with registered number 50300)

 

LAND PURCHASES IN KIRBYMOORSIDE AND HOVINGHAM, NORTH YORKSHIRE AND BESTWOOD, NOTTINGHAMSHIRE

 

The Board of Stirling Mortimer No.8 Fund UK Land Limited announces the exchange of contracts on three land deals with a total investment level, before acquisition costs, of approximately £3.6million. The investment level for each site is below the appraised “red book” valuation which the Fund has been provided with on each site.

 

Two sites are in the much sought after village locations of Kirkbymoorside and Hovingham in North Yorkshire while the third is in the village of Bestwood just North of Nottingham. Full appraisals have been carried out on all the sites to establish the potential to enhance the value of the deals for our investors.

 

The Property Adviser has also built a strong pipeline of deals that are at various stages of due diligence. These include sites in Droitwich, Pembroke, Hailsham in Surrey, Eton, and Castle Bromwich in the West Midlands. The Board remains highly selective about those deals that will move forward through the review process.

 

The Fund will close to new investment on the 20th of November 2009.  The Board will continue to negotiate on sites that are deemed appropriate for our investors after this date and match pipeline opportunities to the final amount raised. It is anticipated that further announcements on completed deals will be made in the coming weeks.

 

For further information, please contact:

 

Phil Bowman                       +44 (0)1242 251087

Director

 

Tim Clink                           +44 (0)1242 251087

Director

 

Kevin Smith                       +44 (0)1481 716000

Heritage International Fund Managers Limited

Administrator