SECURE Property Development & Investment PLC has announced that it has bought Innovations logistics park in Bucharest, Romania, for €12.6m; funded by €4.4m of cash resources, by issuing 785,000 redeemable shares and with bank debt.
The logistics park has 17,000 sqm of gross leasable area and is located in Clinceni in Bucharest, which benefits from being on the Bucharest ring road, and currently produces €1.3 million of income per annum. The anchor tenant is Nestle which leases more than 60% of the gross leasable area, with the remainder let to locally managed Romanian businesses. This acquisition is expected to increase the Company’s annual net operating income by over 60%.
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