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Homburg Invest terminates management agreement with privately held Homburg Canada Incorporated and internalizes CEO and CFO roles

August 2, 2011 - London

Shares issued:  Class A - 17,034,489  Class B - 3,104,838

HALIFAX, July 29, 2011 - (TSX: HII.A HII.B) (AEX:HII) - Homburg Invest Inc. ("HII") announced today that its board of directors (the "Board") has terminated the master property and asset management agreement between HII and Homburg Canada Incorporated ("HCI"), with immediate effect. In addition, the Board has internalized the positions of president and chief executive officer, held by Jan Schöningh, and chief financial officer, held by James F. Miles.

Prior to the decision taken today by the Board, HCI provided property and asset management services to HII in consideration for the payment of certain management fees. Until the announcement today, HII had no employees of its own. Mr. Schöningh and Mr. Miles held their positions as officers of HII, but were employees of HCI and remunerated by HCI out of the management fees paid by HII. Mr. Schöningh and Mr. Miles are now direct employees of HII.

HII will oversee the transition of management services resulting from the termination of the management agreement with HCI. Details of any new property and asset management arrangements or the further internalization of the management function will be provided in due course.

HII has taken note of the press release issued by HCI today and reminds shareholders that no formal offer has been made for the shares of HII. HII will respond in due course if and when a formal offer is made.

About Homburg Invest

Homburg Invest, with its head office in Halifax, Nova Scotia, owns and develops a diversified portfolio of quality real estate including office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Europe.


Paul de la Plante
NATIONAL Public Relations
514 843-2332

PDF version of the press release

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Source: Homburg Invest Inc. via Thomson Reuters ONE



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