Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
19 February 2018
Secure Property Development & Investment PLC
('SPDI' or 'the Company')
Growth in Net Asset Value of Property Portfolio
Secure Property Development & Investment PLC (AIM: SPDI), the South Eastern European focused property and investment company, is pleased to announce that, as at 31 December 2017, the Net Asset Value ('NAV') of its portfolio of properties stood at approximately €51.5 million (including €2.8 million being the net value of the prepayments already made by 2017 year end for the Olympians project in Romania - see RNS 10.10.17). This represents a 7% increase on 2016's year end NAV of €48 million and was achieved despite the Company incurring a ~€1.5 million forex loss arising from the valuation of its properties in Ukraine (that are US$ based).
The 2017 NAV forms part of the Company's annual year end valuation of its portfolio and auditing of its accounts. SPDI's portfolio consists of South Eastern European prime real estate, the majority of which is let to blue chip tenants on long leases. SPDI's core income producing portfolio is comprised of assets in high-yielding countries such as Romania and Greece and includes logistics terminals in Athens and Bucharest, offices in Bucharest, as well as a retail BigBox in Craiova, Romania
Lambros G. Anagnostopoulos, Chief Executive Officer, said, "At €51.5 million, the Net Asset Value of SPDI's portfolio of properties is almost four times higher than its current market valuation. We believe the substantial discount at which our shares trade to NAV is unwarranted, particularly when one considers our existing core portfolio of prime real estate is located in South East European countries such as Romania and Greece, which are strategically important in terms of trade flows. In addition, our properties are exposed to the ongoing European yield compression play, which is pushing capital values in the region higher.
"To have achieved NAV growth despite forex losses of ~€1.5 million during the year is testament to the quality of our assets and management team. This bodes well for delivering on our corporate objective to take advantage of macro and regional trends and build the leading South Eastern European income generating and dividend paying property company."
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This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please visit www.secure-property.eu or contact:
Lambros Anagnostopoulos |
SPDI |
Tel: +357 22 030783 |
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Rory Murphy Ritchie Balmer Jack Botros |
Strand Hanson Limited |
Tel: +44 (0) 20 7409 3494 |
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Jon Belliss Elliot Hance |
Beaufort Securities Limited |
Tel: +44 (0) 20 7382 8300 |
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Lottie Wadham Frank Buhagiar |
St Brides Partners Ltd |
Tel: +44 (0) 20 7236 1177 |
Notes to Editors
Secure Property Development and Investment plc is an AIM listed property development and investment company focused on the South East European markets. The Company's strategy is focused on generating healthy investment returns principally derived from: the operation of income generating commercial properties and capital appreciation through investment in high yield real estate assets. The Company is focused primarily on commercial and industrial property in populous locations with blue chip tenants on long term rental contracts. The Company's senior management consists of a team of executives that possess extensive experience in managing real estate companies both in the private and the publicly listed sector, in various European countries.
