REG - Secure Property Dev - Transfer of Ukraine property assets to Arcona

Secure Property Development & InvestmentAnnouncement

01/11/2019 16:35

RNS Number : 0458S
Secure Property Dev & Inv PLC
01 November 2019
 


Secure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate
01 November 2019
Secure Property Development & Investment PLC ('SPDI' or 'the Company')
Transfer of Ukraine property assets to Arcona Property Fund N.V.  
 
Secure Property Development & Investment PLC (AIM: SPDI), the AIM-quoted South Eastern European focused property company, is pleased to announce the transfer of certain of its Ukrainian assets ('the Aisi Bella Assets') to Arcona Property Fund N.V. ('Arcona') in exchange for the issue to SPDI of 277,943 new shares in Arcona and 67,063 warrants over shares in Arcona ('the Transfer').  Based on the  closing price of Arcona's shares on 31 October 2019, the Transfer values the Aisi Bella Assets at €1,76 million (excluding the issue of the warrants),
 
The Aisi Bella Assets, which comprise two plots of land for development in Odessa and, Zaporozie in Ukraine, form part of Stage One of the previously announced transfer to Arcona of SPDI's property portfolio, excluding its Greek logistics properties, in exchange for new shares and warrants in Arcona to create a larger Central and South Eastern European focused investment vehicle ('the Arcona transaction').
 
The completion of Stage One is now planned to take place in three tranches, with the Transfer announced herein forming the first tranche.  The transfer of certain assets owned by SPDI in Bulgaria ('the Bulgarian Assets'), which is the second tranche of Stage One, is planned to close in the final quarter of 2019.  The remaining assets to be transferred as part of Stage One comprises the other Ukrainian assets (the 'Ukrainian Almaz Prez' assets) and is planned to take place at a later stage. For further information on the Stage One assets, please see the Company's announcement of 7 August 2019.
 
As previously announced, both parties intend to complete the Arcona transaction in three stages. Stages Two and Three of the Arcona transaction are planned to also complete within 2019, following the execution of Stage One.
 
 
     
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
 
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Lambros Anagnostopoulos


SPDI


Tel: +357 22 030783




 


 


 




 
Rory Murphy
Ritchie Balmer
Jack Botros


 
Strand Hanson Limited


 
Tel: +44 (0) 20 7409 3494




 


 


 




 
Jon Belliss
 
Frank Buhagiar/Megan Dennison/Cosima Akerman
 


 
Novum Securities Limited
 
St Brides Partners Ltd


 
Tel: +44 (0) 207 399 9400
 
Tel: +44 (0) 20 7236 1177




 


 


 




 




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