Last checked at 28 Feb 2017 10:40
28 February 2017
Secure Property Development & Investment PLC
('SPDI' or 'the Company')
Signs Sale and Leaseback Agreement with Bank of Piraeus for Innovations Logistics Park, Romania
Secure Property Development and Investment PLC (AIM: SPDI), the South Eastern European focused property and investment company, announces that, following extensive discussions, it has agreed on an amended Sale and Leaseback agreement ("SLB") with the Bank of Piraeus Romania ("BoP") over the Company's Innovations Logistics Park in Bucharest (the "Innovations Park"). This follows SPDI's agreement with the previous anchor tenant, Nestlé România, of the Innovations Park for an early termination of their tenancy agreement in exchange for a mutually agreed fee of €1.39 million payable to SPDI, as announced on 11 August 2016.
Following the signature of the amended SLB with BoP, the Innovations Park is subject to a SLB for a period of nine years. During this period SPDI is free to lease out spaces of the Innovations Park at its own discretion. The Company is in the process of identifying suitable tenants and looks forward to making future announcements in this regard. The amended SLB allows the Company to better manage the Innovations Park to its full potential.
Lambros G. Anagnostopoulos, Chief Executive Officer, said, "We are pleased to have reached an agreement with the Bank of Piraeus in Romania. This agreement allows us to manage the asset optimally and positions us strongly to find new tenants. In line with the investment criteria of all our core properties, the Innovations Park is prime real estate, well located in the capital city of a fast-growing south eastern European Union country. As a result, now that we have settled the issue of the SLB we are confident that a replacement for Nestlé România will be found quickly. In the meantime, we continue to look to add value for our shareholders through each and every one of our property assets, as evidenced by the recent profitable sale of the Terminal Brovary in Kiev which allows us to focus on expanding our portfolio of assets in the flourishing Romanian market."
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For further information please visit www.secure-property.eu or contact:
Lambros Anagnostopoulos Constantinos Bitros | SPDI | Tel: +357 22 030783 |
Andrew Emmott Ritchie Balmer | Strand Hanson Limited | Tel: +44 (0) 20 7409 3494 |
Lottie Brocklehurst Frank Buhagiar
| St Brides Partners Ltd | 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.