10th Mar 2014 08:44
LONDON (Alliance News) - Secure Property Development & Investment PLC (SPDI) Monday said it has agreed to buy a 17,000 square metre logistics park in Bucharest, Romania, from Myrian Nes Ltd and Theandrion Estates Ltd for an undisclosed fee.
SPDI said the acquisition of the Innovations logistics park will be its first outside of Ukraine and forms part of its strategy to grow its portfolio across South Eastern Europe.
The park currently produces EUR1.3 million of income a year, with key tenant and food giant Nestle SA leasing more than 60% of the gross leasable area.
This acquisition is expected to increase the SPDI's annual net operating income by over 60%, it said.
The stock was trading at 65.50 pence Monday morning, up 1.00 pence or 1.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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