Acquisition of £15.7m residential building

11 April 2012

Development Securities acquires £15.7m residential building adjacent to Olympic Park from NAMA

Development Securities PLC, in joint venture with Canadian real estate investment company, Realstar, today announces the acquisition from NAMA of a vacant East London residential building adjacent to the Olympic Park for £15.7m. Senior bank debt was provided by RBS.

The residential scheme at Wick Lane, Hackney Wick, comprises 112 units over 116,000 sq ft and an additional 12,000 sq ft of retail/employment space. The unoccupied residential apartments will be refurbished and let to create an en bloc rental model.

For further information, please contact:

Matthew Weiner/Lucy Grimble Development Securities PLC 020 7828 4777