Secure Property Dev & Inv PLC Regulatory Approval for Sale of Ukrainian Property (5120R)
12 December 2016 - 6:00PM
UK Regulatory
TIDMSPDI
RNS Number : 5120R
Secure Property Dev & Inv PLC
12 December 2016
Secure Property Development & Invest PLC/ Index: AIM / Epic:
SPDI / Sector: Real Estate
12 December 2016
SECURE Property Development & Investment PLC ('SPDI' or 'the
Company')
Regulatory Approval for Sale of Ukrainian Property
SECURE Property Development and Investment PLC (LSE: AIM: SPDI),
the South Eastern European focused property investment company, is
pleased to announce the Ukrainian Antimonopoly Commission has
approved the proposed sale of the Company's Terminal Brovary
logistics park in Kiev ('the Transaction') to Temania Enterprises
Ltd. The Transaction (including payment) remains subject to final
approval by the lender ('EBRD') which is expected to be received
shortly.
As announced on 20 October 2016, SPDI agreed the sale of
Terminal Brovary for a gross cash consideration of US$16 million
(before the deduction of the outstanding EBRD loan). This compares
favourably to the US$13.4 million gross value assigned to the
Terminal as at 31 December 2015. The Transaction will therefore
generate a net profit of over US$2.5million net to SPDI and a net
cash inflow of over US$3 million (see announcement of 9 June 2016
for further details).
The Transaction is in line with the Company's focus on
high-yielding and growing South Eastern European economies such as
Romania, Bulgaria and Greece. Following the completion of the
Transaction, the Company's income producing asset portfolio will
comprise logistics terminals in Athens and Bucharest, offices in
Bucharest, as well as a big box retail in Craiova, Romania. In
addition, the Company owns a residential portfolio in Bucharest and
Sofia, as well as sizeable land assets in Ukraine, all of which
have excellent locations and are debt free.
SPDI's strategy is to generate value from a portfolio of well
located income generating properties with blue chip tenants in
high-yielding locations that have favourable demand/supply
dynamics. Such properties still command low prices / high income
yields and have the potential for capital appreciation, as yields
converge towards the Central Eastern European, and eventually to
Western European levels.
* * ENDS * *
For further information please visit www.secure-property.eu or
contact:
Lambros Anagnostopoulos SPDI Tel: +30-210-7226470
Constantinos SPDI Tel: +30-210-7226470
Bitros Strand Hanson Limited Tel: +44 (0) 20
Andrew Emmott 7409 3494
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
7409 3494
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 12, 2016 02:00 ET (07:00 GMT)