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Bid:

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Spread: 0.70 (87.50%)

Market Cap: £1.49m

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Secure Property Net Asset Value Grows In First Half

Wed, 30th Sep 2015 15:14

LONDON (Alliance News) - Secure Property Development & Invest PLC Wednesday reported a rise in net asset value in the first half of 2015 and said it is making excellent progress towards building a diversified property portfolio.

The South Eastern European-focused property and investment company said that its net asset value in the six months to June 30 rose to EUR59 million from EUR32 million at December 31, which it said was due to a share capital increase via open offer and issue of shares in settlement of asset acquisitions.

It also reported a 77% increase in rental income to EUR2.3 million from EUR1.3 million the year before.

"Thanks to the acquisition of a further five properties, the six months under review has seen excellent progress made towards delivering on our objective to build a diversified portfolio of prime properties in South Eastern Europe with visible income streams and significant capital growth potential," Chief Executive Lambros Anagnostopoulos.

"Backed by a strong team of non-executive directors, seasoned executives and experienced staff and advisers, which has proven its ability to identify and secure prime properties at attractive prices, Secure is ideally placed to deliver on its goal to create the leading institutional South Eastern European income producing and dividend yielding property company," he added.

Shares in Secure were trading flat at 29.00 pence Wednesday afternoon.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews