Secure Property Dev & Inv PLC Completion of Sale of Greek Asset (8258J)
22 August 2019 - 4:00PM
UK Regulatory
TIDMSPDI
RNS Number : 8258J
Secure Property Dev & Inv PLC
22 August 2019
Secure Property Development & Investment PLC/ Index: AIM /
Epic: SPDI / Sector: Real Estate
22 August 2019
Secure Property Development & Investment PLC ('SPDI' or 'the
Company')
Completion of Sale of Greek Asset
Secure Property Development & Investment PLC, the AIM-quoted
South Eastern European focused property company, is pleased to
announce the completion of the sale of its Victini Logistics
property in Greece ('Victini' or 'the Property') to Brook Lane
Capital (the 'Sale'). As announced on 9 July 2019, the Company
agreed to sell Victini at a deemed valuation of EUR12.5 million,
including EUR10.3m of debt, providing SPDI with a net consideration
payment of c. EUR2 million. In addition, SPDI is due to receive
EUR600,000 from the Property's previous owner within the next 18
months. The total of approximately EUR2.6m cash payable to SPDI
represents approximately 30% of the Company's current market
valuation.
Lambros Anagnostopoulos, Chief Executive Officer of SPDI, said;
"The closing of the sale of Victini and receipt of the initial
disposal proceeds of c. EUR2million cash is in line with our
strategy to generate value from property investments in a high
yield Region as is South East Europe. We are looking forward to
such value generation hopefully being reflected in SPDI's share
price performance."
* * ENDS * *
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit www.secure-property.eu or
contact:
Lambros Anagnostopoulos SPDI Tel: +357 22 030783
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer
Jack Botros
Jon Belliss Novum Securities Limited Tel: +44 (0) 207 399 9400
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Cosima Akerman
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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