Secure Property Dev & Inv PLC Update on Acquisition of BLUEBIGBOX 3, Romania (3373N)
October 25 2016 - 2:00AM
UK Regulatory
TIDMSPDI
RNS Number : 3373N
Secure Property Dev & Inv PLC
25 October 2016
Secure Property Development & Invest PLC/ Index: AIM / Epic:
SPDI / Sector: Real Estate
25 October 2016
Secure Property Development & Investment PLC ('SPDI' or 'the
Company')
Update on Acquisition of BLUEBIGBOX 3, Romania
As announced on 14 July 2015, SPDI, the South Eastern European
focused property and investment company, completed the acquisition
of a 100% interest in BLUEBIGBOX 3 S.R.L ("BIGBLUEBOX 3"), a retail
property in a prime location in Craiova, Romania (which is wholly
let to Praktiker, a leading European DIY retailer), satisfied
through the issuance of 8,618,997 Secured Redeemable Convertible
Preference Shares ("RCPS") to the vendor, Bluehouse Capital, a
private equity property fund ("Vendor"). The RCPSs were to be
converted to an equal number of new ordinary shares of EUR0.01 each
in the Company or redeemed by SPDI at EUR0.7056 for each of the
RCPS, at the discretion of the Vendor. The deadline for such
conversion or redemption was initially set for 14 July 2016 and
subsequently extended to 14 October 2016 (as announced on 28 July
2016) by agreement with the Vendor. The RCPS are secured over the
Company's 20% interest in Autounion Office, an office building in
Sofia (acquired in April 2015 from the Vendor and in which the
Vendor retains an interest).
The Company and the Vendor have entered into discussions on
potential new conversion/redemption parameters, as well as the
structure of such including the price and date for such
conversion/redemption.
A further announcement will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
**ENDS**
For further information, please visit www.secure-property.eu or
contact:
Lambros Anagnostopoulos SPDI Tel: +30-210-7226470
Constantinos Bitros SPDI Tel: +30-210-7226470
Andrew Emmott Strand Hanson Limited Tel: +44 (0) 20 7409
3494
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20 7409
3494
Lottie Brocklehurst St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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