Secure Property Development Says Gross Asset Value Has Doubled

LONDON (Alliance News) - Secure Property Development and Investment Ltd PLC Monday said its gross asset value has more than doubled to around USD112 million from the USD49 million it recorded at the end of 2013.

The south-eastern Europe-focused property investor said as a result of this increase, the percentage of its asset base that is now income producing has increased by a third and reached 80% of the total asset vase, compared with only 59% at the end of December 2013.

The remaining proportion of the company's asset base is held in its non-income producing but high upside-potential land bank which currently stands at 20% of total assets, Secure Property said.

The company also said it has made progress broadening its geographical reach, with 55% of its gross asset value now located in Romania and Greece. The balance is in Ukraine.

Across the portfolio the company's annualised net operating income is USD8 million, of which more than 60% is generated by assets located in Romania and Greece.

The stock was untraded Monday morning, last traded at 60.00 pence.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

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