24th May 2019 13:44
LONDON (Alliance News) - Secure Property Development & Investment PLC said Friday it expects to complete the sale of its non-Greek assets to an Amsterdam-based commercial property fund in the second half of 2019.
In December, the southeastern European-focused property firm agreed to sell the non-Greek property assets to Arcona Property Fund NV for EUR29.3 million in an all-share transaction.
Mutual due diligence has been ongoing since late March, along with the finalisation fo the annual financial accounts for both companies in 2018, including the required third party property valuations.
Based on the latest discussions between SPDI and Arcona, both parties expect to agree binding terms on part of the deal in June, with overall completion of the sale expected in the second half of 2019.
The sale is still subject to asset and tax due diligence, regulatory approvals, the signature of transaction documents and shareholder approval.
"This is a very exciting year for the company as we focus on the continued development of and generating value from our asset base, and as such, we are concentrating all our focus into completing this transformative deal for the benefit of our shareholders. We look forward to updating the market with our progress when practicable," said Chief Executive Officer Lambros Anagnostopoulos.
Shares in SPDI were untraded on Friday, last quoted at 7.05 pence.
Related Shares:
Secure Prop