Disposal of Residential Units Gains Momentum

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[{"type":"text","content":"\n \nRNS Number : 9585F Secure Property Dev & Inv PLC 27 February 2018  \n\nSecure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate \n27 February 2018\nSecure Property Development & Investment PLC \n('SPDI' or 'the Company')\n \nDisposal of Residential Units Gains Momentum \n \nSecure Property Development & Investment PLC, the AIM-quoted property company focused on Emerging Europe, is pleased to announce the sale of nine residential units in Romania and Bulgaria for a total gross consideration of ~€980,000.  The proceeds will be used to reduce the Company's residential property asset debt by €0.7m to €11.5m, while at the same time generating free cash of ~€280,000.  The sales are in line with the Company's strategy to dispose of non-core assets and focus on growing its income producing portfolio of prime commercial and industrial real estate in high-yielding countries such as Romania and Greece. ‎\n \nThe sales contracts were all signed within the first two months of 2018 and together with sales prices ~10-15% higher than those achieved for similar residential units sold last year, demonstrate the buoyancy of the residential markets in the fast growing economies of Bucharest and Sofia.  Following these sales, SPDI still owns 110 residential units in these cities, ‎many of which are currently rented.  The Company intends in time to sell all its residential units.  \n \nSPDI's core property asset portfolio consists of South Eastern European prime commercial and industrial real estate, the majority of which is let to blue chip tenants on long leases including logistics terminals in Athens and Bucharest, offices in Bucharest, as well as a retail BigBox in Craiova, Romania.\n \nLambros G. Anagnostopoulos, Chief Executive Officer, said, \"The growth of the Romanian economy, the fastest in the EU over the last few years, has generated a positive environment for the sales of SPDI's residential property in Bucharest, as evidenced by the recent pick-up of both the sales momentum and price levels,  so we look forward to continuing to see an increased turnover of our residential portfolio at the higher prices we are experiencing.  \n \n\"We are delighted to be reaping the benefits of this advancing market in S...

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