Secure Property Development & Invest has announced that it has signed heads of terms, with Temania Enterprises Ltd, for the sale of its Kiev based warehouse, Terminal Brovary, at a Gross Asset Value exceeding US$16m (before deducting the outstanding EBRD attached loan). The company says that, as completion of the disposal is subject to a number of conditions being met, it has also signed a fixed four-year lease agreement with a subsidiary of the buyer raising the warehouse occupancy rate to 100%, thereby generating ~US$150,000 of Net Operating Income per month until the sale is concluded. The rent attributed to the buyer received prior to the disposal will be deducted from the purchase price, if such disposal is concluded by the end of October 2016. Once the sale is concluded, the company’s directors believe it will be one of the largest property asset transactions in Ukraine in the logistics and industrial sector since 2013.
The sale of Terminal Brovary, which the Company developed in 2010 on the north side of Kiev, close to its international airport, is subject to a number of conditions, including reaching agreement on terms with the lending bank (EBRD) with regards to the related debt attached to Terminal Brovary, which the company says may take some time to be effected.
The Company says its portfolio now includes logistics terminals in Athens, Bucharest and Kiev, offices in Sofia and Bucharest, as well as a big box retail warehouse in Craiova, Romania.
Secure Property Development & Invest announces sale of Kiev warehouse, Terminal Brovary : SPDI