16th Mar 2015 12:10
LONDON (Alliance News) - Secure Property Development & Investment PLC said Monday it has completed the acquisition of a logistics park in Greece, funded by the completion of an EUR8 million open offer of new shares announced on Friday.
The Cyprus-based property development and investment company didn't say how much it paid for the acquisition.
The park, located in the West Attica industrial area of Athens, comprises a fully let 17,756 square metre warehouse property, which has a photovoltaic alternative energy production facility installed on its roof, Secure Property said.
Secure Property said 70% of the park's space is let to the multinational transportation and logistics company Kuehne + Nagel, with the remaining 30% let to GE Dimitriou SA, a Greek company which trades electrical appliances.
The park produces a net operating income of approximately EUR1.5 million per annum, of which a proportion comes from selling the electricity produced by the photovoltaic facility onto the Greek electrical grid.
This is Secure Property's first acquisition in Greece, and it said it is in line with its strategy of growing and diversifying regionally its property portfolio.
The acquisition comes as the company raised EUR8 million via an open offer of new shares at 25 pence per share. Secure Property said on Monday it will issue a total of 23.8 million new shares, giving it a total of 57.7 million shares in issue.
Shares in Secure Property were untraded on Monday at 19.00 pence.
It said the net proceeds of the open offer will used to buy income-generating industrial, retail and commercial property assets in Bulgaria, Romania and Greece.
By Karolina Kaminska; [email protected]
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