21st Apr 2015 07:35
LONDON (Alliance News) - Emerging Europe-focused property company Secure Property Development & Investment PLC on Tuesday said it has acquired a stake in a fully-let and income-generating office building in Sofia in Bulgaria.
The deal, the first by the company in Bulgaria, will see it acquire a 20% in the entity that owns the building for EUR4.06 million.
The Autounion building is located closed to Sofia Airport and the city centre and is fully-let to a Bulgarian insurance company on a long lease extending to 2027. It produces an annual net operating income of EUR2.9 million, Secure Property said.
"This acquisition matches our investment criteria being in a prime location, fully let on a long lease with a blue chip tenant and acquired at an attractive rate. As well as providing our shareholders with immediate stable cash flows with long term visibility, we are also offering the potential for significant capital uplift over the short to medium term, as the on-going European yield compression play gathers momentum across the continent," said Chief Executive Lambros Anagnostopoulos.
Shares in the company were untraded on Tuesday, having last traded at 22.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Secure Prop