Secure Property disposes of Romanian DIY retail property

5th Oct 2018 08:51

(Sharecast News) - European focused property and investment outfit Secure Property Development and Investment disposed of its BigBlueBox DIY retail property in Craiova, Romania on Friday, generating €2.5m in cash as a result.SPDI said the sale was in line with its strategy of focusing on "prime income producing properties" in the capital cities of fast-growing South Eastern European economies.The AIM-listed firm told investors that it intends to partially reinvest the capital into further properties that match its investment criteria, with the remainder to be utilised for general working capital purposes.Chief executive Lambros Anagnostopoulos, said: "The sale of the BigBlueBox, which we acquired in an all-share transaction in 2015, falls into our strategy of focusing on prime income producing properties in South Eastern European capital cities.""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."As of 0900 BST, SPDI shares had tumbled 13.04% to 10p.