11th Jun 2015 09:50
LONDON (Alliance News) - Secure Property Development & Investment PLC Thursday said that during the first half of 2015 it has acquired four income producing assets, including a recently completed acquisition of a real estate portfolio in Romania and Bulgaria, taking its annualised net operating income to more than EUR8 million.
Additionally, it has sold eight of its residential units held in Bucharest for EUR414.000, which it used to reduce its debt and for operating expenses. It has proceeded with a number of new lettings, which has brought its yearly income from its residential portfolio to over EUR200,000.
"With Romanian GDP rebounding strongly, office building values on an upward trend and demand for residential property in Bucharest far outstripping supply, we expect the newly acquired assets to substantially contribute to the continued growth in the company's asset backing and value, while generating annual revenues for our shareholders," said Chief Executive Officer Lambros Anagnostopoulos in a statement.
Shares in Secure Property are untraded Thursday morning. They last closed at 25.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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