Developer Development Securities sells off three completed projects
Developer Development Securities has made a profit of 拢6m from the sale of three of its assets for 拢41m..
The developer has sold Westminster Palace Gardens, a Grade II listed Central London building for 拢21.9m making a profit of 拢2m and its retail development at the Wick Site in Littlehampton for 拢12.5m making a 拢3m profit.
Plus, it has disposed of a retail park in Burnley for 拢6.5m making a profit of 拢1m.
Michael Marx, chief executive of Development Securities (pictured), said: 鈥淎ll of these properties were acquired from the proceeds of our equity raise in July 2009.
鈥淭he profitable realisation of these assets within a short time frame confirms our strategy of creating value by repositioning secondary or tertiary real estate into prime or near-prime markets.鈥�
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