22nd Aug 2019 11:35
(Alliance News) - Secure Property Development & Investment PLC on Thursday said it completed the sale of its Victini Logistics property in Greece to Brook Lane Capital.
The disposal was first announced in the beginning of July, with asset valued at EUR12.5 million, including EUR10.3 million of debt. Secure Property said it received EUR2 million after transaction.
In addition, the AIM-listed company said it is due to receive EUR600,000 from the Victini's previous owner within the next 18 months.
The total of EUR2.6 million cash payable to Secure Property represents 30% of the company's current market valuation.
"The closing of the sale of Victini and receipt of the initial disposal proceeds of EUR2 million cash is in line with our strategy to generate value from property investments in a high yield region as is south east Europe," said Chief Executive Lambros Anagnostopoulos.
"We are looking forward to such value generation hopefully being reflected in Secure Property Development & Investment's share price performance," added Anagnostopoulos.
The stock was untraded in London on Thursday, last closing at 6.25 pence a share.
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