Homburg Invest Inc. announces that the Company has completed its due diligence with respect to the purchase of four large commercial properties in The Netherlands. The acquisition, originally announced in November 2005, is now expected to close on or before April 14, 2006.
The four commercial properties include the KPN Telecom Head Office in Groningen, the Philips Lighting Headquarters and Research facilities in Eindhoven and two David Lloyd facilities in Rotterdam. All four properties are leased by world-class, triple A, public companies on a long -term lease basis. The aggregate cost to Homburg Invest for these properties will amount to approximately CAD $194 million (140 million) and will be financed by assumption of existing debt of CAD $141 million (101 million) and shares
of Homburg Invest (subject to Toronto Stock Exchange approval) totalling CAD $53 million (39 million). This will result in the issue of approximately 9,649,201 Class A Subordinate Voting Shares at $5.50 per share.
Source: Homburg Invest Inc.