21st May 2015 07:45
LONDON (Alliance News) - Secure Property Development & Investment PLC on Thursday said it has acquired a series of prime property assets in Bulgaria and Romania, sending shares in the company higher in early trade.
The properties acquired include a DIY retail property in Craiova in Romania, a stake in a Bucharest office building, and a portfolio of income-generating residential assets on Grivita Lake in Bucharest and in Boyana in south Sofia in Bulgaria.
The acquisitions will be acquired for a total of GBP16.5 million, to be satisfied via the issue of shares in Secure Property at 43 pence per share. That will mean the company is issuing 38.4 million shares to the sellers, which are unnamed.
"This transaction matches our investment criteria by providing the Company with a significant additional cash generative platform from which to accelerate the roll-out of our strategy to build a portfolio of prime real estate in Southeastern Europe," said Lambros Anagnostopoulos, Secure Property's chief exeuctive.
Secure Property shares were up 16% to 25.00 pence in early trade Thursday, one of the best performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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