23rd Oct 2006 07:01
Speymill Deutsche Immobilien Co PLC23 October 2006 Speymill Deutsche Immobilien Company plc ("SDIC" or "the Company") Further Investments Speymill Deutsche Immobilien Company plc (AIM: SIDC), the pan-German residentialproperty investment company listed on AIM, announces further investments. Main highlights at the 20 October 2006 are: - Residential properties in various German cities notarised (i.e. committed tobe purchased) for a cumulative cash consideration of EUR517.1 million - Expected initial net rental income of approximately EUR37.8 million per annum - Blended net initial yield of 7.1%, projected to rise to 7.5% within 12 monthsof full investment The Company has notarised apartment blocks containing 9,478 units at an overallaverage price of EUR804 per square metre. There are presently approximately 678vacant units (circa 7% vacancy including units to be refurbished or redecoratedprior to letting). EUR220 million of the acquisitions have now been financed and the interest rateon the debt has been fixed at 4.6%. Subject to contract, a further EUR180million of acquisitions are due to be financed. The property acquisitions goingforward have also been fully hedged against interest rate risk, allowing theCompany to assume an overall fixed cost of borrowing of 4.6%. 23 October 2006 Notes to editors: - Speymill Deutsche Immobilien Company plc is a pan-German residential propertyinvestment company which listed on AIM on 17 March 2006. - The Company raised £170 million in a placing on its admission. - The Company was established to invest in the German property market and, predominantly, in the residential sector. It is anticipated that once fully invested, the Company will have a balanced portfolio of properties throughout Germany. - The Company's objective is to provide Shareholders with an attractive level of income together with the prospect for long-term capital growth. - The Manager is Speymill Property Managers Limited and the Investment Adviser is GOAL Service GmbH. The Manager and Investment Adviser are responsible for identifying new investment opportunities. - The Manager is a subsidiary of Speymill Group plc (AIM: SYG) while the Investment Adviser is a joint venture partner of Speymill Group plc (which owns 51% of the venture). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sdic Power.