Update re: Transfer of Property Assets to Arcona

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \n \n Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \n \n 17 June 2022\n \n \n \n  \n \n \n \n \n Secure Property Development & Investment PLC ('SPDI' or 'the Company')\n \n \n \n \n  \n \n \n \n \n Transfer of final stake in Romanian property asset to Arcona Property Fund N.V.\n \n \n \n \n &\n \n \n \n \n Transfer\n \n \n of further Romanian property asset\n \n \n \n  \n \n \n Secure Property Development & Investment PLC, the AIM quoted South Eastern European focused property company, is pleased to announce, further to the announcement of 30 March 2022, that is has transferred the remaining 3.2% stake in Lelar Holdings Limited to Arcona Property Fund N.V. ('Arcona') in exchange for the issue to SPDI of 47,020 new shares in Arcona and 11,333 warrants over shares in Arcona ('the Lelar Transfer').  Lelar Holdings Limited holds the Delenco Office Building asset in Bucharest (\"Delenco\").\n \n \n  \n \n \n Following the transfer of the additional 3.2% stake, the Company will no longer have a stake in Lelar Holdings Limited.\n \n \n  \n \n \n The Company is also pleased to announce the completion of the transfer of 100% of N-E REAL ESTATE PARK FIRST PHASE SRL to Arcona in exchange for the issue to SPDI of 116,688 new shares in Arcona and 28,125 warrants over shares in Arcona ('the EOS Transfer').  N-E REAL ESTATE PARK FIRST PHASE SRL holds the EOS Business Park, Bucharest, Romania (\"EOS\").\n \n \n  \n \n \n EOS is an office building in the North East of Bucharest, generating c.€54k lease income monthly, with the main tenant being Danone Romania and is fully let until 2025.\n \n \n  \n \n \n Based on the closing price of Arcona's shares on 16 June 2022, the EOS Transfer values EOS at c.€0.66million (excluding the issue of the warrants), while based on the current net asset value per Arcona share, the EOS Transfer values EOS asset at c.€1.39million (excluding the issue of the warrants).  The net asset value of N-E REAL ESTATE PARK FIRST PHASE SRL based on the 2020 valuation is c.€3.0 million.\n \n \n  \n \n \n SPDI now has a total holding of 1,072,910 shares in Arcona which based on the closing price of Arcona's shares on 15 June 2022, values the SPDI's stake in Arcona at c.€6.1 million (excluding the...

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