Homburg Invest Inc. announces acquisition and closing of two assets in the Netherlands



    
    Shares issued: Class A - 168,412,323  Class B - 31,514,782
    

    HALIFAX, Oct. 24 /CNW/ - (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.

    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.
    %SEDAR: 00013330E




For further information:

For further information: Mr. Richard Homburg, Chairman and CEO, Homburg
Invest Inc., (902) 468-3395; J. Richard Stolle, President and COO, Homburg
Invest Inc., 31-20-573-3855

Organization Profile

Homburg Invest Inc.

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