3rd Jan 2023 12:28
(Alliance News) - Secure Property Development & Investment PLC on Tuesday said it will sell its remaining interest in the GreenLake project for EUR400,000 upfront, with a further EUR450,000 to be paid in March 2023.
The Nicosia, Cyprus-based commercial property investor said it had signed a binding agreement to sell its remaining land portfolio in the project in Bucharest, Romania to Bougalon Investments Ltd, which is 60% owned by three of SPDI's directors, Michael Beys, Ian Domaille and Lambros Anagnostopoulos.
The consideration is subject to adjustments, including 50% of any immediate monetisation of the portfolio between now and March.
The company said in parallel with the sale, it is settling a land overlapping dispute with neighbouring landowners to the GreenLake project at a cost of EUR500,000.
Chair Michael Beys said: "The GreenLake land overlapping settlement, and subsequent sale, follows an extended effort by the company to monetise the GreenLake property assets."
"Despite the difficult conditions that followed the project's acquisition in 2015, and the company's minority stake interest, it has so far succeeded in selling most of the existing property units and part of the adjacent land, and this conclusion has generated further value for our shareholders," he added.
SDPI shares were unchanged trading at 6.00 pence per share at midday on Tuesday in London.
By Harvey Dorset, Alliance News reporter
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