Proposed acquisition of logistics properties

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[{"type":"text","content":"\n \nRNS Number : 1302T Secure Property Dev & Inv PLC 10 October 2017  \n\nSecure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n10 October 2017\nSecure Property Development & Investment PLC ('SPDI' or 'the Company')\nProposed acquisition of portfolio of logistics properties in Romania \n \nSecure Property Development and Investment PLC (AIM: SPDI), the South Eastern European focused property and investment company, announces the proposed acquisition of up to a 50% interest in a portfolio of fully let logistics properties in Romania (the \"Olympians Portfolio\"), which currently generates a Net Operating Income of approximately €4.5m per annum ('the Proposed Acquisition').  The Proposed Acquisition, which is subject to a number of conditions and banking consents, including the satisfactory completion of due diligence and funding, is in line with the Company's strategy to build a leading SE European property company with a diversified portfolio of prime income producing real estate.  \n \nThe Olympians Portfolio: Fully let Grade A industrial properties generating ~€4.5m income p.a.\nThe Olympians Portfolio was co-developed and owned by GE Capital ('GEC') and is now owned by GEC's development partner Myrian Nes Ltd, a leading developer of Grade A logistics properties in Romania (the \"Vendor Partner\").  It comprises warehouses strategically located close to national highways, thus facilitating the transportation of goods throughout the country and the wider region.  The Olympians Portfolio is located across three key logistics areas in Romania, being the capital Bucharest, the industrial city and automotive centre of Timisoara on the Romania/Hungary border, and Brasov, a major city close to the capital.  The existing portfolio of ~100k sq m of warehousing and office facilities is fully let to largely multinational tenants and generates a Net Operating Income of €4.5m. \n \nSPDI's existing logistics terminal in Bucharest (the Innovations Logistics Park) was developed by Myrian Nes and the Olympians Portfolio transaction, should it complete, is expected to further cement SPDI's longstanding relationship with the Vendor Partner. The Vendor Partner intends to develop additional warehouse space, which SPDI is expected to have first right of...

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