5th Oct 2018 08:18
LONDON (Alliance News) - Secure Property Development & Investment PLC said Friday that it sold its BigBlueBox DIY retail property in Romania for EUR2.5 million in cash.
The property investment company said it intends to partially reinvest the proceeds of the sale into further properties that match its investment criteria.
It will also use the cash to repay loans, with the remainder to be deployed for general working capital purposes.
The company's Chief Executive Officer Lambros Anagnostopoulos said that the company will continue with its strategy to sell non-core assets generating cash flow.
"Additionally, as the regional markets are buoyant and growing, we will continue to look for opportunities to bolster our core property asset portfolio, in order to generate maximum value for our shareholders," he added.
Secure Property shares were untraded at 11.50 pence each.
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