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Property developer Weis to float on AIM

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Date: Monday 09 Jun 2008

LONDON (ShareCast) - Real estate developer Weis Development Corporation plans to list on AIM in July, offering potential shareholders a chance to take advantage of the current distress in the US housing market.

The US group said it will buy financially distressed residential real estate projects, some of which are at discounts of as much as 70% to book value, for repositioning and development once the market returns to normality.

Weis, which is aiming to raise $151m, said that its two executive directors and founders, Adam Weis and Andrew Adler, will invest $5m of their own money in the exercise.

“Several significant factors have aligned to make this the correct time to pursue our business strategy and become a public company on the AIM market. The economic and demographic indicators suggest now is the time to invest in US distressed assets, in the specific real estate sub-markets we have identified,” said chief executive Adam Weis.

“The AIM market will provide the ready-capital most appropriate for the US distressed real estate market. Finally, given our cycle experience in distressed real estate acquisition and development, we believe that now is the right time and we have the necessary expertise to take advantage of current market opportunities and achieve our goals,” he added.

Panmure Gordon is acting as nominated adviser and broker. 

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