Secure Property Dev & Inv PLC Update on Acquisition of BLUEBIGBOX 3, Romania (0541O)
November 02 2016 - 2:00AM
UK Regulatory
TIDMSPDI
RNS Number : 0541O
Secure Property Dev & Inv PLC
02 November 2016
Secure Property Development & Invest PLC/ Index: AIM / Epic:
SPDI / Sector: Real Estate
2 November 2016
Secure Property Development & Investment PLC ('SPDI' or 'the
Company')
Update on Acquisition of BLUEBIGBOX 3, Romania
Secure Property Development and Investment PLC (AIM: SPDI), the
South Eastern European focused property and investment company,
provides an update to its announcement of 25 October 2016,
regarding its acquisition of a 100% interest in BLUEBIGBOX 3 S.R.L
("BIGBLUEBOX 3"), a retail property in a prime location in Craiova,
Romania ("the Acquisition").
The Company originally announced the acquisition of BIGBLUEBOX
3, which is wholly let to leading European DIY retailer Praktiker,
on 14 July 2015. At the time, the Acquisition was satisfied via the
issuance of 8,618,997 Secured Redeemable Convertible Preference
Shares ("RCPS") to Bluehouse Capital, a private equity property
fund ("Vendor"). At the discretion of the Vendor, the RCPSs were
either to be converted into an equal number of new ordinary shares
of EUR0.01 each in the Company or redeemed by SPDI at EUR0.7056 for
each RCPS, for a total amount of approximately EUR6 million. As
part of the agreement, the RCPSs were secured against the Company's
interests in Autounion Office ("Autounion"), an office building in
Sofia, which was acquired in April 2015 from the Vendor for EUR4.05
million and in which the Vendor retains an interest.
During the course of negotiations, the Vendor has issued a
default notice in respect of the RCPSs and has exercised its
security over SPDI's interest in Bluehouse Accesion V, the vehicle
through which SPDI's 20% interest in the Autounion is held.
Discussions continue with the Vendor on the final terms for the
settlement of the outstanding RCPSs and further announcements will
be made as and when appropriate.
In the financial results for the six months ended 30 June 2016,
the Group recognised a total value of EUR4.8m in connection with
its interests in Autounion, comprising EUR2.9m under "Available for
sale financial assets" and EUR1.9m under the "Prepayments and other
current assets", and share of profit of EUR0,15m.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
**ENDS**
For further information, please visit www.secure-property.eu or
contact:
Lambros Anagnostopoulos SPDI Tel: +30-210-7226470
Constantinos SPDI Tel: +30-210-7226470
Bitros Strand Hanson Limited Tel: +44 (0) 20
Andrew Emmott 7409 3494
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
7409 3494
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
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November 02, 2016 03:00 ET (07:00 GMT)