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Secure Property Development & Investment PLC - Nicosia, Cyprus-based commercial property investor - Transfers final 3.2% stake in Lelar Holdings Ltd to Arcona Property Fund NV in exchange for 47,020 shares in Arcona and 11,333 warrants over shares in Arcona.
Lelar holds the Delenco office building asset in Bucharest, which generates €140,000 lease income a month. Meanwhile, Secure Property sells N-E Real Estate Park First Phase SRL to Arcona in exchange for 116,688 shares in Arcona and 28,125 warrants over shares in Arcona. N-E Real Estate Park Phase SRL holds the EOS Business Park in Bucharest, generating €54,000 lease income monthly, ‘with the main tenant being Danone Romania and is fully let until 2025,’ Secure Property adds.
Based on Arcona shares, sale of EOS Business Park is valued at €660,000.
Secure is in stage two of the transfer to Arcona of Secure Property's property portfolio in exchange for new shares in Arcona. ‘Stage Two is ongoing with the remaining assets in the Kiev region of Ukraine. With the present military conflict in the country, and even though our first priority is the wellbeing of our people in Kiev, discussions with Arcona continue and we will keep shareholders updated as appropriate,’ says Secure Property Chair Michael Beys.
Current stock price: 6.01 pence, untraded on Friday
12-month change: down 99%
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