Sale of Assets to Arcona Property Fund N.V.

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \nRNS Number : 7553K Secure Property Dev & Inv PLC 18 December 2018  \n\nSecure Property Development & Investment PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \nSecure Property Development & Investment PLC ('SPDI' or 'the Company')\nEnters Implementation Agreement for Sale of Assets to Arcona Property Fund N.V.\n \nHighlights\n·    Sale of Non-Greek assets at a deemed €29.25 million valuation - 95% premium to SPDI's total current market capitalisation\n·    SPDI to receive c.2.1 million shares in and a further c. 0.5m warrants over Arcona Property Fund N.V. an Amsterdam-listed company focused on commercial property in Central Europe (www.arconapropertyfund.com)\n·    Provides SPDI shareholders with exposure to dividend-paying fund with a diversified portfolio of income producing properties in various Central East European countries, valued after closing at ca. €161 million - \n·    SPDI to retain prime logistics property in Athens 100% let to Kuehne & Nagel\n·    Sale is in line with objective to build a leading dividend paying property company focused on south Eastern European markets\n \nSecure Property Development & Investment PLC, the AIM-quoted South Eastern European focused property company, is pleased to announce it has entered into a conditional implementation agreement ('the Agreement') for the sale of its property portfolio, excluding its Greek logistics properties ('the Non-Greek Portfolio'), in an all-share transaction ('the Transaction') to Arcona Property Fund N.V. ('Arcona').  The Transaction values SPDI's Non-Greek Portfolio at €29.25 million (based on a net asset value of €13.98 per Arcona share), a 95% premium to the entire market capitalisation of the Company based on the last closing share price of its Ordinary Shares.  Arcona is an Amsterdam-listed company that invests in commercial property in Central Europe. The transaction is subject to, among other things, asset and tax due diligence (including third party asset valuations) and regulatory approvals (including the approval of a prospectus required in connection with the issuance and admission to listing of the new Arcona shares) as well as successful negotiating and signature of transaction documents. If successful, SPDI ...

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