Secure Property Development & Investment has announced that it has agreed to acquire a series of property assets in Romainia and Bulgaria reflecting its strategy to build a portfolio of commercial real estate in East and South East Europe. The acquisition is to be funded by issuing new SPDI shares to the vendors of the properties, at a blended issue price of 43p per share, for a total consideration of £16.5m that leaves existing cash reserves intact. The company says that the transaction provides for a 20%+ increase in the Company’s running annualised Net Operating Income (‘NOI’) to over €8 million and is expected to result in material cash-flows for reinvestment. The acquired properties comprise a 100% interest in BLUEBIGBOX 3 S.R.L, a DIY retail property in a prime location in Craiova, Romania, a 24.35% interest in Delea Nuova, a Class A office building in a prime business location in Bucharest and a small portfolio of newly built income producing residential assets, located on Grivita Lake in north Bucharest and on the slopes of Boyana in South Sofia.
SPDI : Secure Property issuing shares to acquire assets in Romania and Bulgaria