Business
Completion of Sale of Greek Asset
Completion of Sale of Greek Asset.
About this update from Secure Property Development & Investment Plc
[{"type":"text","content":"\n \nRNS Number : 8258J Secure Property Dev & Inv PLC 22 August 2019 \n\nSecure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \n22 August 2019\n \nSecure Property Development & Investment PLC ('SPDI' or 'the Company')\n \nCompletion of Sale of Greek Asset\n \nSecure Property Development & Investment PLC, the AIM-quoted South Eastern European focused property company, is pleased to announce the completion of the sale of its Victini Logistics property in Greece ('Victini' or 'the Property') to Brook Lane Capital (the 'Sale'). As announced on 9 July 2019, the Company agreed to sell Victini at a deemed valuation of €12.5 million, including €10.3m of debt, providing SPDI with a net consideration payment of c. €2 million. In addition, SPDI is due to receive €600,000 from the Property's previous owner within the next 18 months. The total of approximately €2.6m cash payable to SPDI represents approximately 30% of the Company's current market valuation. \n \nLambros Anagnostopoulos, Chief Executive Officer of SPDI, said; \"The closing of the sale of Victini and receipt of the initial disposal proceeds of c. €2million cash is in line with our strategy to generate value from property investments in a high yield Region as is South East Europe. We are looking forward to such value generation hopefully being reflected in SPDI's share price performance.\" \n \n* * ENDS * *\n \nThe information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.\n \nFor further information please visit www.secure-property.eu or contact:\n \n\n\n\nLambros Anagnostopoulos \n\n\nSPDI\n\n\nTel: +357 22 030783\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nRory Murphy\nRitchie Balmer\nJack Botros\n\n\n \nStrand Hanson Limited \n\n\n \nTel: +44 (0) 20 7409 3494\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nJon Belliss\n \nFrank Buhagiar\nCosima Akerman\n\n\n \nNovum Securities Limited\n \nSt Brides Partners Ltd\n\n\n \nTel: +44 (0) 207 399 9400\n \nTel: +44 (0) 20 7236 1177\n\n\n\n \nNotes to Editors\nSec...
More updates from Secure Property Development & Investment Plc