Information  X 
Enter a valid email address

Speymill DeutscheImm (SDIC)

  Print      Mail a friend

Wednesday 24 May, 2006

Speymill DeutscheImm

Initial Investments

Speymill Deutsche Immobilien Co PLC
24 May 2006

Speymill Deutsche Immobilien Company plc ('SDIC' or 'the Company')

Initial Investments

Speymill Deutsche Immobilien Company plc, the pan-German residential property
investment company listed on AIM, announces its first investments.

Main highlights are:

- Residential properties in various German cities notarised for an aggregate 
  value of approximately €25 million

- Blended yield of 6.48%, expected to rise to 7.19% within 12 months

The Company has invested in 20 properties, the largest of which is valued at
€12.8 million and is located in Munich.  The Munich market generally experiences
lower rental returns which explains the lower yield on the first investments
than that anticipated for the overall pan-German portfolio once fully invested.

A number of other properties have already been surveyed and are currently being
considered for recommendation to the Board for investment.  The combined value
of these properties amounts to over €130 million, with an expected running yield
of approximately 7.9%.  Notarisation of these properties will be subject to
ongoing negotiation.

The Company raised £161.5 million on its admission to AIM in March 2006.  The
fund is managed by Speymill Property Managers Limited ('the Manager'), a wholly
owned subsidiary of Speymill Group plc.

The Chairman of SDIC, Raymond Apsey, said, 'We are pleased that investment in
the German property market is progressing as expected.  The assets presented to
the Board as investment opportunities by Speymill Property Managers Limited 
fulfil the investment policy and objectives of the fund set out in the
AIM admission document and satisfy the Board that appropriate investment
opportunities in German properties continue to be identified and sourced by the

24 May 2006

                      This information is provided by RNS
            The company news service from the London Stock Exchange