ALF Group Holdings AG – First major USA Distressed Property Acquisition
(firmenpresse) -
ALF Group Holdings AG – First major USA Distressed Property Acquisition
Sydney, Australia, 7th September 2010 - ALF Group Holdings AG (ALF) wishes to advise that it has now received offer and acceptance for the purchase of the Company’s first substantial distressed property acquisition in the USA. The property is located in Lexington, Kentucky and is multifamily accommodation (apartments).
As a consequence of this acquisition, a new US company (to be named ALF Group Property USA), is being formed to house the property assets under consideration.
The property covers 19.8 acres of land and includes 443 apartment units (across 1, 2 and 3 bedroom apartments) in 37 apartment buildings. The property also has community facilities including a 3-story clubhouse, two swimming pools, related pool house buildings, 624 paved car parking spaces and approximately 400,000 square feet of open space.
The Directors of ALF see this acquisition as a substantial turnaround play. The property is need of ‘rehabilitation’ and we believe that after rehabilitation and once rents and occupancy levels are stabilized, the property will then show an approximately USD$10M uplift in valuation. I.e. after all costs have been included.
The acquisition and development will be funded from the proceeds of the CHF 100m CHF increased approved on the 6th of August 2010. This acquisition, once rehab has been completed and occupancy is at satisfactory levels will be then financed in a long term debt facility,
Based on an expected gearing of 55%, we expect the internal rate of return to exceed our target model.
This acquisition is in line with our projections as outlined in our Interim Report which was released and can be //htpwww.alfgroupag.com
About ALF Group Holdings AG
ALF Group Holdings AG (ALF) wholly owns ALF Group Pty Ltd and its subsidiaries, which includes one of Australia’s largest litigation funders, and a corporate restructuring services company which also provides funding and debt and equity solutions. It is also an acquirer of distressed assets.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.alfgroupag.com
eMail: info(at)alfgroupag.com
Leseranfragen:
Can Can Lingerie Holding AG
HEAD OFFICE
77-79 Anzac Parade
Kensington, 2033
Sydney, NSW, Australia
Ph: 02 9663 2842
Fax: 02 9663 2638
Email: reception(at)cancan.com.au
" alt="WORLDLINK SIGNS DEAL WITH LADBROKES TO OFFER SPORTS GAMBLING SERVICE VIA THE MOBILE PHONE AND DESKTOPDatum: 07.09.2010 - 09:39 Uhr
Sprache: Deutsch
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