Acquisition of 170 residential apartments
February 09 2010 - 4:22AM
UK Regulatory
TIDMDIWO
RNS Number : 8732G
Direct Wonen N.V.
09 February 2010
Direct Wonen N.V.
Acquisition of 170 residential apartments
Direct Wonen announces that Direct Wonen Real Estate, its residential investment
business, has entered into an agreement with ING Dutch Residential Fund to
acquire three apartment blocks, incorporating 170 existing residential units in
the city of Apeldoorn in the Netherlands.
The portfolio, which comprises both rented and vacant apartments, is currently
expected to have a net positive contribution to both income and cashflow of
approx. 0.5 million per year. Direct Wonen Real Estate will seek to sell the
individual units within the portfolio using its own existing sales organization,
which has an excellent track record.
Of the consideration of Euro 19.7 million, Euro 3 million is being funded from
Direct Wonen's own cash resources and the balance through third party debt
financing. Completion of the acquisition is expected to take place on 1 March
2010.
Commenting Frederik Sinke, Commercial Director of Direct Wonen Real Estate, said
today:
"This acquisition is the first step in our strategy to invest in existing
residential properties alongside investing in New Property Sales Projects. These
properties meet our strategy of acquiring well priced, quality apartments in an
excellent location. "
For more information, please contact:
Direct Wonen Real Estate
Irma de Jong
Tel.: +31 70 711 5691
E-mail: nieuws@directwonenvastgoed.nl
Website: www.directwonenvastgoed.nl
Collins Stewart (Nomad)
Hugh Field
Tel: +44 20 7523 8350
About Direct Wonen Real Estate
Direct Wonen Real Estate invests in residential property, both existing as well
as new built projects. Direct Wonen has a leading position in the private
residential market in The Netherlands with more than 5.3 million unique visitors
on its websites and 542.000 registered subscribers. Direct Wonen's extensive
data base contains detailed information of potential renters.
The database provides Direct Wonen with detailed data to analyse potential
projects and assess their feasibility. Direct Wonen Real Estate has successfully
implemented various new built projects and has demonstrated an excellent track
record. Well known examples include Funen Park Amsterdam, Statendam Rotterdam
and Vista's Amersfoort.
Direct Wonen Real Estate is seeking to build a Euro 200 million portfolio of
properties comprising a mix of existing rented out and new residential
properties. The rented out strategy is to invest in the following types of
properties:
- minimum of 50 units;
- rent per unit not exceeding Euro 850 per month; and
- located in the "Randstad" or one of the main 20 cities in the Netherlands.
It is expected that investment will be financed by a mixture of equity provided
by Direct Wonen out of its own resources and bank debt.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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