Completion of acquisition

RNS Number : 1589W

Secure Property Dev & Inv PLC

05 November 2014

 



Secure Property Development and Investment Limited PLC

("Secure" or the "Company")

SECURE PROPERTY SUCCESFULLY COMPLETES THE €5.85 MILLION ACQUISITION OF A c.3.500 SQM OFFICE BUILDING IN BUCHAREST

5 November 2014.  SECURE Property Development & Investment PLC (AIM: SPDI, www.secure-property.eu), today announces that, further to its announcement of 29 August 2014, it has completed the acquisition of the EOS Business Park, a fully let income producing office building in Bucharest, Romania, which is the Romanian headquarters of Danone, the French multinational food company. The consideration of €5.85 million has been funded by €1.85 million of the Company's existing cash resources, with the remainder funded by bank debt.

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 €600,000 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 acquisition, which is the Company's third outside Ukraine, further diversifies its portfolio across the region. As a result of this transaction, Secure's annualised net operating income will increase to circa $7.5 million, representing a 250% rise from the beginning of the year.

- Ends -

SECURE PROPERTY Development & Investment plc               [phone]

Lambros Anagnostopoulos                                                                

Constantinos Bitros

SP Angel Corporate Finance LLP                                                  [phone]

Tercel Moore                                                                                      

Jeff Keating

FTI Consulting                                                                                  [phone]

Richard Sunderland

Nick Taylor

 

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