Sign In
Last checked at 
20 Oct 2010 15:30
20 October 2010
Speymill Deutsche Immobilien Company plc
("SDIC" or "the Company")
Further Trading Update
Speymill Deutsche Immobilien Company plc (AIM: SDIC), the pan-German residential property investment company listed on AIM, announces that, in relation to the most recent debt payment obligations, the Company continues to defer the amortisation payments on all of its debt packages. On three of the packages, the Company has paid over half the interest due and intends to pay the balance of the interest over the following quarter. The interest on the remaining loan package (which is securitised) has been paid in full.
The Company and its lenders believe that it is important to improve and/or maintain the overall quality of the property portfolios. Therefore, a portion of the Company's funds is being used to commence a planned capital expenditure programme to ensure that improvements in the Company's property portfolios are achieved in the medium term.
The underlying trading performance of the Company's property portfolios, however, continues to improve steadily with vacancy levels reducing overall and the recovery of rental income and service charges increasing.
As previously announced, the Company remains in discussions with its lenders regarding the restructuring of its debt facilities. The Directors believe that they will, in due course, agree a comprehensive solution to the benefit of all stakeholders.
For more information, please visit http://www.speymilldeutsche.com or contact:
|
SMP Partners Limited |
+44 1624 682 216 |
|
(Administrator) |
|
|
Vincent Campbell |
|
|
|
|
|
Smith & Williamson Corporate Finance Limited |
+44 20 7131 4000 |
|
(Nominated Adviser) |
|
|
Azhic Basirov |
|
|
Siobhan Sergeant |
|
|
|
|
|
Fairfax I.S. PLC |
+44 20 7598 5368 |
|
(Brokers) |
|
|
James King |
|
|
Gillian McCarthy |
|
|
|
|
|
Tavistock Communications Limited |
+44 20 7920 3150 |
|
(Media & Investor Relations) |
|
|
Jeremy Carey |
|
|
Simon Hudson |
|
|
|
|
Notes to Editors:
Speymill Deutsche Immobilien Company plc is a pan-German residential property investment company, which listed on the AIM market of the London Stock Exchange in March 2006, raising £170 million. In May 2007, SDIC raised a further €250 million through a C share placing. The Euro denominated fund aims to provide investors with an attractive level of income together with the prospect for long-term capital growth.
The German residential market is viewed as attractive to investors due to a number of factors including rising German economic activity and productivity, and the availability of assets at below replacement cost. Acquired properties should, through active management, also have the potential for increased rental rates and accordingly improved capital values and increased yield.
Follow the stocks
