Sdic Power. Regulatory News (SDIC)

28 Dec 2006 07:00

Speymill Deutsche Immobilien Co PLC28 December 2006 Speymill Deutsche Immobilien Company plc ("SDIC" or "the Company") Further Investments Speymill Deutsche Immobilien Company plc (AIM: SDIC), the pan-German residentialproperty investment company listed on AIM, announces further investments. Main highlights at 22 December 2006 are: - Residential properties in various German cities notarised (i.e. committed to be purchased) for a cumulative cash consideration of EUR746.3 million - Expected initial net rental income of approximately EUR54.6 million per annum - Blended net initial yield of 7.1%, projected to rise to 7.6% within 12 months of full investment The Company has notarised apartment blocks containing 13,696 units at an overallaverage price of EUR817 per square metre. There are presently approximately1,056 vacant units (circa 7.7% vacancy including units to be refurbished orredecorated prior to letting). Approximately EUR20.2 million is planned to beallocated on refurbishment for those properties currently notarised and thisexpenditure is expected to be yield and value enhancing. 28 December 2006 Notes to editors: - Speymill Deutsche Immobilien Company plc is a pan-German residential property investment 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 Exchange