Development Securities sees increase in activities
Property development and investment company Development Securities saw a dip in its share price despite seeing an increase in development activity in the final quarter of 2011 as it moves further into the implementation of our asset-specific business plans.
Property development and investment company Development Securities saw a dip in its share price despite seeing an increase in development activity in the final quarter of 2011 as it moves further into the implementation of our asset-specific business plans.
In a statement the firm said: "We continue to invest selectively the equity from our rights issue in August 2010, in properties with the potential for refurbishment or redevelopment into prime or near prime assets.
"To date, we have invested close to £160m of the net £188m of equity raised in over 40 deals representing total asset value of over £340m.
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"Good progress has been made on the execution of the business plans relating to these individual assets."
As at 31 December 2011, net debt stood at £192.3m, compared to £92.2m at the same day a year ago.
NR
