LONDON: Secure Property Development & Investment (SPDI), the South Eastern European focused property company, announced the completion of the sale of its Victini Logistics property in Greece to Brook Lane Capital.
As announced on 9 July 2019, the Company agreed to sell Victini at a deemed valuation of €12.5 million, including €10.3 million of debt, providing SPDI with a net consideration payment of €2 million. In addition, SPDI is due to receive €600,000 from the Property’s previous owner within the next 18 months. The total of approximately €2.6 million cash payable to SPDI represents approximately 30% of the Company’s current market valuation.
Lambros Anagnostopoulos, Chief Executive Officer of SPDI, said; “The closing of the sale of Victini and receipt of the initial disposal proceeds of c. €2million cash is in line with our strategy to generate value from property investments in a high yield Region as is South East Europe. We are looking forward to such value generation hopefully being reflected in SPDI’s share price performance.”
Edited by Kiran Khan