German property investment company Develica Deutschland said it has bought back 21,298,000 of its own ordinary shares for a total investment of EUR 2.8mln, pointing to the deep discount at which its stock was trading compared to its net asset value (NAV). Develica noted that it acquired the shares at EUR 0.13 per share compared with the last stated NAV of EUR 0.70 per share reported last month for the year to 31 March 2008. The buyback will enhance Develica’s NAV per share value by more than 7%, the company said.
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