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Portfolio Update

8 Sep 2014 07:00

RNS Number : 0185R
Secure Property Dev & Inv PLC
08 September 2014
 



Secure Property Development and Investment Limited PLC

("Secure" or the "Company")

 

Portfolio Update

Substantially increased Asset Value and Income

 

08 September 2014. Secure Property Development and Investment PLC (AIM:SPDI, www.secure-property.eu), a South Eastern Europe focused property investment company, today provides a market update following the four acquisitions it has announced since May 2014, which have substantially changed the Company's asset value and profile.

Secure's gross asset value, based on third party independent valuations, has more than doubled to circa US$112 million as of today from US$49 million at the end of December 2013.

Consequently, the percentage of the Company's asset base (measured by gross asset value) that is now income producing has increased by a third and reached 80% of the total, 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 as of now stands at 20% of total assets.

In line with Secure's stated strategy, we have made significant progress with broadening the geographical diversity of the Company's asset base with 55% of its gross asset value now located in Romania and Greece, and the balance in Ukraine.

The Company's annualised net operating income ("NOI") is currently approximately US$8 million, more than 60% of which is generated by assets located in Romania and Greece. This is 2.6 times higher than the full year NOI for 2013 (US$3million), all of which was generated by assets situated in Ukraine.

In Summary during the last six months the Company has:

· Increased its gross asset value by 230%

· Increased its annualised net operating income by 270%

· Increased the percentage of income producing assets in its portfolio by 30%

· Increased the geographical diversification of holding income assets (# of countries) by 300%

 

Lambros Anagnostopoulos, Chief Executive Officer of Secure Property, commented: "We have made significant progress in implementing our strategy, which remains focused on growth and diversification. We have executed four acquisitions in Romania and Greece in a short space of time, which has dramatically increased our gross asset value and net operating income. Our expectations for the half year are unchanged, and we will continue sourcing acquisitions in the region of South Eastern Europe, focusing on undervalued but good income producing assets, and creating value for shareholders."

 

 

SECURE PROPERTY Development & Investment plc +30 210 7226470

Lambros Anagnostopoulos

Constantinos Bitros

SP Angel Corporate Finance LLP  +44 (0) 20 3463 2260

Tercel Moore

Jeff Keating

FTI Consulting +44 (0) 20 3727 1000

Richard Sunderland

Nick Taylor

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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