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Homburg Invest Inc. (AMS:HII) Shares issued: Class A - 168,412,323 Class B - 31,514,782
Halifax, Nova Scotia, Canada, October 24, 2008 (TSX: HII.A & HII.B and NYSE Euronext Amsterdam: HII) - Homburg Invest Inc. ("Homburg Invest" or the "Company") announces that it has finalized the acquisition of two office buildings in The Netherlands.
The transaction was completed at an aggregate cost of EURO 26.1 million (approximately CDN 41.2 million) including closing costs and was completed by way of mortgage financing and cash.
The properties are located in Amsterdam and Den Bosch and are situated on collectively 182,615 square feet of land (16,965 square metres). The total leaseable area for both buildings is 110,120 square feet (10,230 square metres) with 129 parking places.
The buildings are fully leased. Den Bosch is leased for ten years to Quintig. Quintiq's CEO was recently selected Accelerating Entrepreneur of 2008 by Ernst & Young. The Amsterdam property is leased to 5 different tenants, including Lowe & Partners and GITP International with an average lease term of 6 years.
The building in Amsterdam is located near the Olympic Stadium and was designed in the early 1960's by the architect Aldo van Eyck. The building was used famously as an orphanage and turned into offices in 1991. The building was quoted in the Top 1000 most beautiful architectural buildings of the world in 2002.
The building in Den Bosch is located in the Office area "Soetelieve Noord" and was built in the late 1990's.
Both properties are built to high standards and have been well maintained with no deferred maintenance.
Homburg Invest Inc., with its head office in Halifax, Nova Scotia, owns and develops a diversified portfolio of quality real estate including office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Europe.
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For further information, please contact:
Mr. Richard Homburg, Chairman and CEO Homburg Invest Inc. 902-468-3395
or
J. Richard Stolle President and COO Homburg Invest Inc. 31-20-573-3855
This news release may contain statements which by their nature are forward looking and express the Company's beliefs, expectations or intentions regarding future performance, future events or trends. Forward looking statements are made by the Company in good faith, given management's expectations or intentions however, they are subject to market conditions, acquisitions, occupancy rates, capital requirements, sources of funds, expense levels, operating performance and other matters. Therefore, forward looking statements contain assumptions which are subject to various factors including: unknown risks and uncertainties: general economic conditions; local market factors; performance of other third parties; environmental concerns; and interest rates, any of which may cause actual results to differ from the Company's good faith beliefs, expectations or intentions which have been expressed in or may be implied from this news release. Therefore, forward looking statements are not guarantees of future performance and are subject to known and unknown risks. Information and statements in this document, other than historical information, should be considered forward-looking and reflect management's current views of future events and financial performance that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions and developments within the real estate industry, competition and the management of growth. The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
