Development Securities acquires portfolio of bank loans for
£40 million
Development 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
This information is provided by RNS
distributed by |