Secure Property Dev & Inv PLC Acquisition (2921Q)
August 29 2014 - 2:00AM
UK Regulatory
TIDMSPDI
RNS Number : 2921Q
Secure Property Dev & Inv PLC
29 August 2014
Secure Property Development and Investment Limited PLC
("Secure" or the "Company")
SECURE PROPERTY AGREES TO ACQUIRE AN OFFICE BUILDING IN
BUCHAREST
29 August 2014. SECURE Property Development & Investment PLC
(AIM: SPDI, www.secure-property.eu), a South Eastern Europe focused
property investment company, today announces that it has entered
into a binding agreement to acquire the EOS Business Park, a fully
let income producing office building in Bucharest, Romania. The
property is the Romanian headquarters of Danone, the French
multinational food company.
The EOS Business Park consists of 3,386 leasable sqm of office
space, as well as 90 parking spaces. It generates a net operating
income ("NOI") of circa EUR600,000 per annum and is fully let to
Danone Romania until 2026. The building is situated next to the
Danone factory on the North-Eastern part of Bucharest. The
consideration is EUR5.85 million payable in cash from Secure's own
cash resources and debt facilities.
The acquisition is in line with the Company's stated strategy of
achieving further growth and diversification of its property
portfolio within the South East Europe region. It is the Company's
second in Romania this year and it will bring Secure's annualised
NOI up to circa $7.5 million, representing a 250% increase from the
beginning of the year. At the same time the Company's annualised
EBITDA is expected to reach around $3.5 million, representing a
350% increase compared to 2013, thus further enhancing its positive
net cash flow (after financing costs).
Lambros Anagnostopoulos, Chief Executive Officer of Secure
Property, commented:
"The agreement to acquire the EOS Business Park, shows our
commitment for profitable growth as well as our ability to acquire
high value and low risk income producing properties in our region.
As we continue to raise funds from investors we intend to put the
proceeds to work in the acquisition of similar assets with a view
to generating substantial income, providing a dividend to our
shareholders and becoming a leading regional property company in
South Eastern Europe."
- 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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