Development Securities today announces that it has completed the £40 million (approx. 49.6) acquisition of a portfolio of bank loans, secured against 17 investment and development assets located in London and the southeast of England. The portfolio consists of 76% commercial and 24% residential assets.
The company has completed the acquisition within its own resources and expects to realize the repayment of the loans through the sale of their underlying property assets as rapidly as markets will allow.
The company anticipates that returns generated from the realization of these loans will approximate to those normally achieved within its current risk adjusted return parameters.
Due to contractual confidentiality and commercial sensitivities, the Company is unable to disclose further detail at this point.
Source: Development Securities