1st Nov 2019 18:56
(Alliance News) - Secure Property Development & Investment PLC on Friday said it has transferred two plots of land in Ukraine in exchange for EUR1.8 million worth of shares in Arcona Property Fund NV.
The Aisi Bella assets - consisting of two development plots in Odessa and Zaporozie - were transferred in exchange for the issue of 277,943 new shares in Arcona plus warrants over a further 67,063 Arcona shares.
Given the closing price of Arcona's share, the deal values the Aisi Bella assets at EUR1.8 million excluding the warrant issue.
The asset transfer is stage one of a larger transfer of Secure Property's portfolio to Arcona, including its logistics properties in Greece, for new Arcona shares.
"As previously announced, both parties intend to complete the Arcona transaction in three stages. Stages two and three of the Arcona transaction are planned to also complete within 2019, following the execution of stage one," said Secure Property.
Shares in Secure Property closed untraded at 8.00 pence in London on Friday.
By Anna Farley; [email protected]
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