SPDI Secure Property Dev&Inv PLC Completion of EUR12.6m Acquisition (8652H)

TIDMSPDI

RNS Number : 8652H

SPDI Secure Property Dev&Inv PLC

23 May 2014

Secure Property Development and Investment Limited PLC (SPDI.L)

("Secure" or the "Company")

SECURE PROPERTY SUCCESSFULLY COMPLETES THE EUR12.6 MILLION ACQUISITION OF A 17,000 SQM LOGISTICS PARK IN BUCHAREST

23 May 2014 - SECURE Property Development & Investment PLC (AIM: SPDI), a South Eastern European focused property and investment company, today announces that, further to its announcement of 10 March 2014, it has completed the acquisition of Innovations logistics park in Bucharest, Romania, from Myrian Nes Ltd and Theandrion Estates Ltd for EUR12.6 million. The acquisition has been funded by EUR4.4 million of the Company's existing cash resources and by issuance of 785,000 redeemable shares, with the remainder funded by bank debt.

Innovations is a fully-let 17,000 sqm gross leasable area logistics park located in Clinceni in Bucharest, which benefits from being on the Bucharest ring road, and currently produces EUR1.3 million of income per annum. The anchor tenant is Nestle which leases more than 60% of the gross leasable area, with the remainder let to locally managed Romanian businesses. This acquisition is expected to increase the Company's annual net operating income by over 60%.

The acquisition increases SECURE's regional logistics portfolio, which also includes the fully let Terminal Brovary asset in Kiev, to 67,000 sqm (with occupancy being at 100% of the warehouse space).

- Ends -

 
Enquiries: 
Secure Property Development & Investment 
 Ltd (formerly Aisi Realty Public Ltd)              +30-210-7226470 
Lambros Anagnostopoulos/Constantinos 
 Bitros 
 
 
                                                      +44 (0)20 3100 
  Liberum Capital Limited (NOMAD and Broker)          2222 
 Chris Bowman / Richard Bootle 
                                                    +44 (0)20 3727 
  FTI Consulting                                     1000 
Richard Sunderland / Will Henderson / 
 Nick Taylor

This information is provided by RNS

The company news service from the London Stock Exchange

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