Sdic Power. Regulatory News (SDIC)

24 May 2006 07:01

Speymill Deutsche Immobilien Co PLC24 May 2006 Speymill Deutsche Immobilien Company plc ("SDIC" or "the Company") Initial Investments Speymill Deutsche Immobilien Company plc, the pan-German residential propertyinvestment 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 experienceslower rental returns which explains the lower yield on the first investmentsthan that anticipated for the overall pan-German portfolio once fully invested. A number of other properties have already been surveyed and are currently beingconsidered for recommendation to the Board for investment. The combined valueof these properties amounts to over €130 million, with an expected running yieldof approximately 7.9%. Notarisation of these properties will be subject toongoing negotiation. The Company raised £161.5 million on its admission to AIM in March 2006. Thefund is managed by Speymill Property Managers Limited ("the Manager"), a whollyowned subsidiary of Speymill Group plc. The Chairman of SDIC, Raymond Apsey, said, "We are pleased that investment inthe German property market is progressing as expected. The assets presented tothe Board as investment opportunities by Speymill Property Managers Limited fulfil the investment policy and objectives of the fund set out in theAIM admission document and satisfy the Board that appropriate investmentopportunities in German properties continue to be identified and sourced by theManager." 24 May 2006 This information is provided by RNS The company news service from the London Stock Exchange