Secure Property Dev & Inv PLC Acquisition (7116O)
August 11 2014 - 2:00AM
UK Regulatory
TIDMSPDI
RNS Number : 7116O
Secure Property Dev & Inv PLC
11 August 2014
11 August 2014
Secure Property Development and Investment Limited PLC
(SPDI.L)
("Secure" or the "Company")
SECURE PROPERTY AGREES TO ACQUIRE A GLA 17,756 SQM WAREHOUSE IN
ATHENS
- Acquisition is SECURE's first in Greece -
SECURE Property Development & Investment PLC (AIM: SPDI,
www.secure-property.eu), a South Eastern Europe focused property
investment company, today announces that it has reached a binding
agreement to acquire an income producing logistics park that
includes warehouse space as well as an alternative energy
production facility (the "Complex"), located in the West Attica
Industrial Area, Greece, from G.E. DIMITRIOU A.E.E., a Greek
company listed in Athens Stock Exchange (the "Seller").
The acquisition, which is in line with the Company's stated
strategy for further growth and the diversification of its property
portfolio, will be the Company's second outside of Ukraine and the
first in Greece this year. The acquisition is expected to be
concluded upon separation of the asset from G.E Dimitriou A.E.E,
its transfer to a newly formed company, and completion of certain
other conditions. The consideration is EUR2,000,000 payable in cash
reflecting an agreed value for the Complexof EUR15,000,000 and the
assumption of associated debt of EUR13,000,000.
The Complex comprises 17,756 leasable sq m and has a net
operating income ("NOI") of approximately EUR1.5 million. It is
fully let with 71% leased to the German multinational
transportation and logistics company, Kuehne + Nagel. All leases
have a remaining duration of 11 years. The NOI also includes
approximately EUR350.000 of contractual income from selling
electric energy produced by the photovoltaic park installed on the
roof of the warehouse property to the Greek Electric Grid.
This acquisition, which will increase the Company's annual net
operating income by approximately 40%, to US$7 million, will also
further strengthen Secure's exposure to the logistics property
sector and increases its regional logistics portfolio to 85,000 sq
m, which also includes the fully let Terminal Brovary in Kiev and
the recently acquired Innovations Logistics Park in Bucharest.
Lambros Anagnostopoulos, Chief Executive Officer of Secure
Property, commented:
"The agreement to acquire the Complex, our first investment in
Greece, is in line with our strategy to expand our focus on the
logistics sector and become a leading regional property company in
South Eastern Europe, a market that we believe offers significant
opportunities. The asset offers an attractive yield with secure
high-quality tenants, and an income- producing photovoltaic park
which further adds to the net operating income.
"The Greek economy has shown promising signs of recovery and we
believe that this is an ideal time to invest in Greek property. We
remain acquisitive and are actively seeking investment
opportunities in Greece and other countries in the region"
- Ends -
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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