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Secure Property nets EUR 2m as Victini sale goes through
22nd Aug 2019 11:46
(Sharecast News) - South eastern Europe-focussed property company Secure Property Development & Investment announced the completion of the sale of its Victini Logistics property in Greece to Brook Lane Capital on Thursday.
The AIM-traded firm had agreed to sell Victini at a deemed valuation of €12.5m (£11.4m) in July, including €10.3m of debt, providing it with a net consideration payment of around €2m.
In addition, Secure said it was due to receive €0.6m from the property's previous owner within the next 18 months.
The total of around €2.6m cash payable to the company represented approximately 30% of its current market valuation.
"The closing of the sale of Victini and receipt of the initial disposal proceeds of €2m cash is in line with our strategy to generate value from property investments in a high yield region, as is south east Europe," said chief executive officer Lambros Anagnostopoulos.
"We are looking forward to such value generation hopefully being reflected in SPDI's share price performance."
The AIM-traded firm had agreed to sell Victini at a deemed valuation of €12.5m (£11.4m) in July, including €10.3m of debt, providing it with a net consideration payment of around €2m.
In addition, Secure said it was due to receive €0.6m from the property's previous owner within the next 18 months.
The total of around €2.6m cash payable to the company represented approximately 30% of its current market valuation.
"The closing of the sale of Victini and receipt of the initial disposal proceeds of €2m cash is in line with our strategy to generate value from property investments in a high yield region, as is south east Europe," said chief executive officer Lambros Anagnostopoulos.
"We are looking forward to such value generation hopefully being reflected in SPDI's share price performance."