23rd May 2014 08:00
LONDON (Alliance News) - Secure Property Development and Investment PLC Friday said it has acquired a 17,000 square metre logistics park in Bucharest from Myrian Nes Ltd and Theandrion Estates Ltd for EUR12.6 million.
The south eastern European focused property and investment company said the Innovations logistics park has been funded by EUR4.4 million of its existing cash resources and by issuance of 785,000 redeemable shares, with the remainder funded by bank debt.
Innovations is fully-let and produces EUR1.3 million in income a year. The anchor tenant is Swiss food giant Nestle SA, which leases more than 60% of the gross leasable area, with the remainder let to locally managed Romanian businesses.
The acquisition is expected to increase the company's annual net operating income by over 60%, it said.
Secure Property shares were untraded Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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