Development Securities PLC (DSC.LN), a property developer and investor, announced Wednesday that it acquired a vacant residential building adjacent to London's Olympic Park for GBP15.7 million, in joint venture with Canadian real estate investor Realstar Group.

MAIN FACTS:

-Asset bought from Ireland's National Asset Management Agency, or NAMA

-Senior bank debt was provided by Royal Bank of Scotland Group PLC (RBS.LN)

-Residential scheme at Wick Lane, Hackney Wick, comprises 112 units over 116,000 sq ft and an additional 12,000 sq ft of retail/employment space.

-Unoccupied residential apartments will be refurbished and let

-Shares at 0710 GMT down 1 pence, or 0.9%, at 175 pence valuing the company at GBP214 million.

-By Ed Ballard, Dow Jones Newswires; 44-20-7842-9375; ed.ballard@dowjones.com

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