Last checked at 5 Oct 2018 07:00
Secure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
5 October 2018
Secure Property Development & Investment PLC ('SPDI' or 'the Company')
Sale of BigBlueBox for EUR2.5 million net
Secure Property Development & Investment PLC, the AIM-quoted South Eastern European focused property and investment company, is pleased to announce it has concluded the sale of its BigBlueBox DIY retail property in Craiova, Romania ("the BigBlueBox"), generating €2.5m in cash ("the Sale") net to the Company.
SPDI completed the acquisition of the BigBlueBox, which was fully-let to Praktiker, the global DIY retailer, in an all-share transaction in July 2015. The Sale is in line with the Company's strategy to focus on prime income producing properties in the capital cities of the fast-growing South Eastern European economies. The Company intends to partially reinvest the capital into further properties that match its investment criteria, including repaying loans received to invest in such properties, and in turn generate value for its shareholders, with the remainder to be utilised for general working capital purposes.
SPDI's core property asset portfolio consists of South Eastern European prime commercial and industrial real estate, the majority of which is let to blue chip tenants on long leases including logistics terminals in Athens and Bucharest, and office buildings in Bucharest.
Lambros Anagnostopoulos, Chief Executive Officer of SPDI, said: "The sale of the BigBlueBox, which we acquired in an all-share transaction in 2015, falls into our strategy of focusing on prime income producing properties in South Eastern European capital cities. In line with this, we will continue selling non-core assets, which has the potential to generate substantial cash flow. Additionally, as the regional markets are buoyant and growing, we will continue to look for opportunities to bolster our core property asset portfolio, in order to generate maximum value for our shareholders. I look forward to providing further updates in this regard in due course."
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This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
For further information please visit www.secure-property.eu or contact:
Lambros Anagnostopoulos | SPDI | Tel: +357 22 030783 |
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Rory Murphy Ritchie Balmer Jack Botros |
Strand Hanson Limited |
Tel: +44 (0) 20 7409 3494 |
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Jon Belliss
Lottie Wadham Frank Buhagiar |
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.