Last checked at 22 Aug 2019 07:00
Secure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
22 August 2019
Secure Property Development & Investment PLC ('SPDI' or 'the Company')
Completion of Sale of Greek Asset
Secure Property Development & Investment PLC, the AIM-quoted South Eastern European focused property company, is pleased to announce the completion of the sale of its Victini Logistics property in Greece ('Victini' or 'the Property') to Brook Lane Capital (the 'Sale'). As announced on 9 July 2019, the Company agreed to sell Victini at a deemed valuation of €12.5 million, including €10.3m of debt, providing SPDI with a net consideration payment of c. €2 million. In addition, SPDI is due to receive €600,000 from the Property's previous owner within the next 18 months. The total of approximately €2.6m cash payable to SPDI represents approximately 30% of the Company's current market valuation.
Lambros Anagnostopoulos, Chief Executive Officer of SPDI, said; "The closing of the sale of Victini and receipt of the initial disposal proceeds of c. €2million cash is in line with our strategy to generate value from property investments in a high yield Region as is South East Europe. We are looking forward to such value generation hopefully being reflected in SPDI's share price performance."
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The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information please visit www.secure-property.eu or contact:
Lambros Anagnostopoulos | SPDI | Tel: +357 22 030783 |
Rory Murphy Ritchie Balmer Jack Botros |
Strand Hanson Limited |
Tel: +44 (0) 20 7409 3494 |
Jon Belliss
Frank Buhagiar Cosima Akerman |
Novum Securities Limited
St Brides Partners Ltd |
Tel: +44 (0) 207 399 9400
Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Secure Property Development and Investment plc is an AIM listed property development and investment company focused on the South East European markets. The Company's strategy is focused on generating healthy investment returns principally derived from: the operation of income generating commercial properties and capital appreciation through investment in high yield real estate assets. The Company is focused primarily on commercial and industrial property in populous locations with blue chip tenants on long term rental contracts. The Company's senior management consists of a team of executives that possess extensive experience in managing real estate companies both in the private and the publicly listed sector, in various European countries.