Terrace Hill sells £70m in assets

Terrace Hill, the property developer, said it has slashed its debt-pile by almost 80 per cent in the six months to 31 March after selling almost its entire residential portfolio to focus on commercial schemes. The Aim-listed firm, which develops London offices as well as foodstores for major supermarket chains, said yesterday it had sold 919 of the 966 assets held by its residential arm for £70.8m, helping to cut its debt by £36.8m to £10.4m in the period. Net asset value rose three per cent to 29.2 pence per share, the group said in a half-year trading statement.