Acquisition of portfolio of bank loans

Development Securities acquires portfolio of bank loans for £40 millionDevelopment Securities today announces that it has completed the £40 million acquisition of a portfolio of bank loans, secured against 17 investment and development assets located in London and the South East of England. The portfolio consists of 76 per cent commercial and 24 per cent residential assets. The company has completed the acquisition within its own resources and expects to realise the repayment of the loans through the sale of their underlying property assets as rapidly as markets will allow.The company anticipates that returns generated from the realisation of these loans will approximate to those normally achieved within its current risk adjusted return parameters.Due to contractual confidentiality and commercial sensitivities, the Company is unable to disclose further detail at this point. For further information please contact:Michael Marx/Lucy Grimble 020 7802 9935