HALIFAX, Nov. 16 /CNW/ - Homburg Invest Inc. (TSX: HII.A & HII.B and
AEX: HII) has entered into a joint venture with DEGI Deutsche Gesellschaft fur
Immobilienfonds mbH, a German pension fund, for the sale to DEGI of the
Homburg-Harris Centre in Calgary for CAD$376 million. Under the joint venture
agreement, Homburg Invest Inc. acquires a 10 % holding in the newly
established property holding company while Homburg Canada Inc. will be
handling local management of the property.
The Homburg-Harris Centre is a two-tower office complex located in the
central business district of Calgary. Upon completion, it will feature a total
area of more than 600,000 sq. ft. of office space and parking for close to
"Homburg Invest Inc. is very pleased to have been able to take advantage
of the international scope of its operations to enter into this venture with
DEGI, one of Germany's most dynamic pension funds," said Richard Homburg,
Chairman and CEO of Homburg Invest Inc. "We are looking forward to a long and
mutually beneficial relationship on this and hopefully, many more
Homburg, with its head office in Halifax, N.S., owns and develops a
diversified portfolio of quality real estate, including office, retail,
industrial and residential properties throughout Canada, the United States and
Europe. The Company's properties total over 14.5 million square feet,
representing in excess of CAD$3 billion in total assets.
Forward Looking Statements
This news release may contain statements that are "forward looking"
regarding expectations with respect to market conditions, acquisitions,
occupancy rates, capital requirements, sources of funds, expense levels,
operating performance and other matters. These assumptions and statements are
subject to various factors, unknown risks and uncertainties, including 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 current expectations.
For further information:
For further information: Richard Homburg, Chairman and CEO, Homburg
Invest Inc., (902) 468-3395; J. Richard Stolle, President and COO, Homburg
Invest Inc., 31-20-5733855