HILVERSUM, the Netherlands, June 4, 2012 /PRNewswire/ --
READEN HOLDING CORP. (RHCO.PK) Announced today 1 June 2012 that Readen Industries Limited (HKG) a 100% subsidiary of Readen Holding Corp. purchased 100% of the shares of Beemster Vastgoed B.V. in the Netherlands.
Beemster Vastgoed B.V. is active within the real estate market of the Netherlands, predominantly in the self storage industry. Within this industry, Beemster Vastgoed is responsible for the building, implementing and operation of the self storage company's in the Netherlands region.
A 100% subsidiary of Beemster Vastgoed, Drachten Storage Holding B.V. (DSH) is also the owner and operator of City Box in the town of Drachten. DSH has a franchise contract with City Box, they provide self-storage services for households and businesses in the Netherlands. While they primarily serve as a storage facility, the company also offers removal boxes, wrapping papers, furniture coverings, tapes, ropes, tackles, and blankets for protection. City Box provides insurance products, including fire insurance for household effects/ inventories, as well as transportation rental services. The company was founded in 1998 in Amsterdam, and has 25 branch offices within the Netherlands region. City Box Self-Storage B.V. operates as a subsidiary of ImmofinanzImmobilien Anlagen AG.
City Box Drachten contains gross 3,000 m of storage space totaling over 350 units. 60% of the units are rented as self storage units and the remaining 40% will be used as a new distribution center and warehouse for RHCO's subsidiary D5 Mobile. The building is ideally located in the northern area of the Netherlands.
After the acquisition Beemster Vastgoed will be renamed to Readen Real Estate B.V.. Apart from the storage projects Readen Real Estate B.V. is planning to acquire real estate properties which add value to the total of the Business of Readen Holding Corp. and its subsidiaries.
Mr Ronald Steenbergen (CEO of Readen Holding Corp.) says due to the nature of property market value and the expansion of our D5 mobile decision in Europe we acquired this property under market value.
SOURCE Readen Holding Corp.