16th Jun 2016 11:18
LONDON (Alliance News) - Secure Property Development & Investment PLC on Thursday said it expects to post a 61% increase in revenue for 2015, on the back of higher rental income, services and utilities income, as well as the three acquisitions it made during the year.
The South Eastern Europe-focused property and investment company said it expects to report revenue of EUR5.9 million for 2015, up from the EUR3.6 million posted a year earlier, in its results on June 28 once they have been audited. The expected rise, the company said, comes from a rise in rental income, and utilities and service income to EUR5.2 million from EUR3.6 million in 2014.
Secure Property said it expects a total asset value to have grown to EUR126.0 million from EUR67.0 million, which would be an 88% increase, after it made three acquisitions during the year. Its portfolio increase to seven "income producing properties let to blue chip tenants located in South Eastern European countries which offer high yields and capital growth", Secure Property said.
Gross asset value per share at the year end, however, was EUR1.35, Secure Property said, down from EUR1.81 a year earlier, which it said reflects its share issuance during the year following an open offer in March. As such, the number of shares in the company rose to 90.0 million at December 31, 2015, from 33.9 million a year earlier.
"During the first half of 2016 we continued the active management of our portfolio by taking advantage of opportunities to secure compelling transactions and consolidate our presence in the more attractive property types and geographies. This is evidenced by our sale of our Linda Residences portfolio in Bucharest and entering an agreement to sell our Terminal Brovary Warehouse in Kiev, the proceeds of which will contribute to our growth plan," said Chief Executive Lambros Anagnostopoulos.
Shares in Secure Property were untraded on Thursday, having last traded at 15.90 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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