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Corum Property Investments Announces Acquisition of Commercial Portfolio for £29.7m
Hamilton, Bermuda - 13 July, 2009 - Corum Property Investments Limited (the "Company") (Ticker: CORUMPR GU) announces the acquisition of a substantial portfolio of properties for a total consideration of £29.7m.
The portfolio comprises 9 individual assets located within the United Kingdom, the majority of which are modern good quality office buildings in major regional centres.
The acquisition will provide shareholders with a highly attractive running return, combined with a number of opportunities to enhance value through pro-active asset management.
The Company has acquired, via a new 90% owned subsidiary, all of the shares in two Luxembourg domiciled companies, which own the individual properties.
Corum Property Investments Limited has contributed £11.25m towards the acquisition, a co-investor who will also be the asset manager has contributed £1.25m and the balance is being funded by way of a 5.25 year fixed rate senior loan facility.
The acquisition is in line with the Company's strategy of acquiring good quality assets with positive cash flow and opportunities to enhance value through pro-active asset management.
Corum is of the view that the UK property market now offers excellent opportunities to acquire quality properties at historically low prices, with commercially sound cash flow fundamentals and value enhancement opportunities. With this in mind, the Company will seek to raise additional equity to fund further acquisitions in due course.
For further information please contact:
Nicole Barnes
Praxis Property Fund Services Limited +44 1481 755 526