News

Secure Property Making Good Progress With Sale Of Non-Greek Assets

Date: 07.06.2019 / By Josh White / ShareCast.com / Comments (0)

South Eastern Europe-focussed property company Secure Property Development updated the market on the sale of its non-Greek assets to Arcona Property Fund on Friday.

The AIM-traded firm had announced on 18 December that it had entered into a conditional implementation agreement for the sale of its property portfolio, excluding its Greek logistics properties, to Amsterdam-listed commercial property investor Arcona.

It said the all-share transaction valued its non-Greek portfolio at €29.25m, based on a net asset value of €13.98 per Arcona share - an approximate 150% premium to the current market capitalisation of the company.

As it announced on 28 March, mutual due diligence was underway, as was the finalisation of the 2018 annual financial accounts for both companies, including the necessary third-party property valuations.

Based on the latest discussions, Secure Property Development said both parties expected to agree binding terms for part of the transaction in June, with overall completion of the transaction planned in two further steps to be executed within the second half of 2019.

The transaction remained subject to, among other things, asset and tax due diligence and regulatory approvals, as well as successful negotiating and signature of transaction documents.

Due diligence was said to be “well advanced”, with no issues uncovered to date that would obstruct the successful completion of the transaction.

“As we progress towards completing the Arcona deal in three stages over the second, third and fourth quarters of 2019, we are moving closer towards what we believe will be a value trigger event for our shareholders,” said chairman Michael Beys.

“At an estimated value of around €30m, the value assigned to our non-Greek assets which will be sold to Arcona is approximately three times higher than our current £10m market capitalisation, and that is before the value of our remaining assets is taken into account.

“Aside from crystallising the value of our assets, the Arcona deal will allow our shareholders to gain direct exposure to a much larger dividend paying, listed fund, which is focused on the European property sector.”

Chief executive officer Lambros Anagnostopoulos added that it was a “very exciting” year for the company, as it focussed on the continued development of and generating value from its asset base.

“Ss such, we are concentrating all our focus into completing this transformative deal for the benefit of our shareholders.

“We look forward to updating the market with our progress when practicable.”



http://www.sharecast.com/news/aim-bulletin/secure-property-making-good-progress-with-sale-of-non-greek-assets--4547781.html

Reviews & Comments


GPE360.com (GreekPropertyExchange.com) has relaunched as the top Greek real estate and property website portal dedicated to Greece and Cyprus’ industry. GPE360.com’s members include top real estate agents, realtors, individual sellers, FSBO, sale by owners, architects, developers, construction companies, lawyers, notaries and others that advertise residential (house, home, land, apartments, flats, villas, land, parcels and commercial listings for those looking to buy, sell and rent across all of the Hellenic Republic. GPE360.com is like the MLS database portal that is advertised in the top Greek diaspora and international markets around the world to those looking to invest - including Australia, the United States, Canada, United Kingdom, Germany, France, Spain, France, Europe, South Africa, Russia and everywhere else. Most foreigners start their home search in popular destinations like Mykonos, Chania, Crete, Athens, Thessaloniki, Cyclades, Santorini, Rhodes, Corfu, Ios, Lefkada and many more cities, prefectures and regions in Greece. GPE360.com has been featured in most Greek news media outlets and in some of the leading international publications in newspapers, magazines, websites, online news portals, television and radio. Notable publications featuring GPE360.com and its founder, Georgios Stroumboulis include the Wall Street Journal, G1 Brasil, India Today, Barron’s, El Mundo, Naftemporiki, Kerdos, Isotimia, Vradyni, Elefterotypia, Elefteros Typos, Imerisia, Ta Nea, Ethnos, Neos Kosmos, GreekReporter.com, PappasPost.com, Voria.gr, Parapolitika.gr, MetroGreece.gr, People Greece, NewsBeast.gr, Radio Neo Show, Antenna ANT1 Satellite TV, MEGA TV, Makedonia TV, Channel 9 (Το Α και το Ω των ακινήτων). GPE360.com is the only real estate website to have produced its own reality TV show called Hellenic Home Hunting (www.HellenicHomeHunting.com). Created, produced and edited by George Stroumboulis’ media company, BouliBrand (www.BouliBrand.com), this TV show caused an international media storm for controversy during the unstable economy period in Greece. Visit www.GPE360.com for the latest property listings and start your search, register for an account to sell or simply browse our news. Stay connected with us on Facebook (www.facebook.com/gpe360), Twitter (twitter.com/gpe360), LinkedIn (https://www.linkedin.com/company/greek-property-exchange-gpe-), YouTube (https://www.youtube.com/user/gpe360), and Instagram (www.instagram.com/gpe360/). Use the hashtag #GPE360 and #HellenicHomeHunting.



featured on the front page of

The Only TV Show Promoting
Greek Real Estate to the World!
WATCH FIRST SEASON