Acquisition of 170 residential apartments

 

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.: [phone] 
 E-mail: [e-mail] 
Website: www.directwonenvastgoed.nl 
 
Collins Stewart (Nomad) 
Hugh Field 
Tel: [phone] 
 
 
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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