Secure Property Development & Investment PLC, a South Eastern Europe focused property investment company, announces that it has reached a binding agreement to acquire an income producing logistics park that includes warehouse space as well as an alternative energy production facility (the Complex), located in the West Attica Industrial Area, Greece, from G.E. Dimitriou A.E.E., a Greek company listed in Athens Stock Exchange.
The acquisition, which is in line with the Company's stated strategy for further growth and the diversification of its property portfolio, will be the Company's second outside of Ukraine and the first in Greece this year. The acquisition is expected to be concluded upon separation of the asset from G.E. Dimitrios A.E.E., its transfer to a newly formed company, and completion of a certain other conditions. The consideration is €2 million payable in cash reflecting an agreed value for the Complex of €15 million and the assumption of associated debt of €13 million.
The Complex comprises 17,756 m² and has a net operating income (NOI) of approximately €1.5 million. It is fully let with 71% leased to the German multinational transportation and logistics company, Kuehne + Nagel. All leases have a remaining duration of 11 years. The NOI also includes approximately €350,000 of contractual income from selling electric energy produced by the photovoltaic park installed on the roof of the warehouse property to the Greek Electric Grid.
Source: Secure Property