Growth in Net Asset Value of Property Portfolio

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[{"type":"text","content":"\n \nRNS Number : 1802F Secure Property Dev & Inv PLC 19 February 2018  \n\nSecure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate \n19 February 2018\nSecure Property Development & Investment PLC \n('SPDI' or 'the Company')\n \nGrowth in Net Asset Value of Property Portfolio \n \nSecure Property Development & Investment PLC (AIM: SPDI), the South Eastern European focused property and investment company, is pleased to announce that, as at 31 December 2017, the Net Asset Value ('NAV') of its portfolio of properties stood at approximately €51.5 million (including €2.8 million being the net value of the prepayments already made by 2017 year end for the Olympians project in Romania - see RNS 10.10.17).  This represents a 7% increase on 2016's year end NAV of €48 million and was achieved despite the Company incurring a ~€1.5 million forex loss arising from the valuation of its properties in Ukraine (that are US$ based).  \n \nThe 2017 NAV forms part of the Company's annual year end valuation of its portfolio and auditing of its accounts.  SPDI's portfolio consists of South Eastern European prime real estate, the majority of which is let to blue chip tenants on long leases.  SPDI's core income producing portfolio is comprised of assets in high-yielding countries such as Romania and Greece and includes 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, \"At €51.5 million, the  Net Asset Value of  SPDI's portfolio of properties is almost four times higher than its current market valuation.  We believe the substantial discount at which our shares trade to NAV is unwarranted, particularly when one considers our existing core portfolio of prime real estate is located in South East European countries such as Romania and Greece, which are strategically important in terms of trade flows.  In addition, our properties are exposed to the ongoing European yield compression play, which is pushing capital values in the region higher.  \n \n\"To have achieved NAV growth despite forex losses of ~€1.5 million during the year is testament to the quality of our assets and management team. This bodes...

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