Secure Property posts significant uptick in asset value

16th Jun 2016 13:50

(ShareCast News) - Secure Property Development and Investment reported preliminary figures from its annual results on Thursday, including an 88% increase in total asset value to €126m, from €67m.The AIM-traded southeastern Europe-focused property and investment company said this reflects the acquisition of prime real estate with blue chip tenants in the region.It also indicated a 61% increase in revenues to €5.9m, with €5.2m derived from rental income, utilities and services income from tenants, €0.4m from net sales of residential units and €0.3m from the sale of electricity produced at its Greek photovoltaic park.Secure's gross asset value per share at year-end was €1.35, down from €1.81, with it said reflected in part the open offer share issue in 2015."2015 was yet another transformational year for SPDI, as evidenced by the 88% increase in the asset value of our portfolio to €121 million and a 61% boost to our revenues to €5.9 million," said CEO Lambros Anagnostopoulos."This step-up has been a result of our three acquisitions made during the year in line with our strategy to diversify and broaden our geographic spread across South Eastern Europe, taking advantage of prime locations, strong covenants with blue chip tenants on long term rental contracts that can be secured at attractive high yields."Anagnostopoulos said during the first half of 2016, Secure continued in the active management of its portfolio by taking advantage of opportunities to secure "compelling transactions" and consolidate its presence in more attractive property types and geographies."This is evidenced by our sale of our Linda Residences portfolio in Bucharest and entering an agreement to sell our Terminal Brovary Warehouse in Kiev, the proceeds of which will contribute to our growth plan." I look forward to reporting further in our upcoming FY 2015 results and also to the year ahead as we work on maximising the potential of our South Eastern European real estate portfolio," Anagnostopoulos added.