Secure Property Development & Investment : SPDI – results

Secure Property Development & Investment has published its results for 2013. The fully diluted net asset value at the end of December 2013 was $1.62 – down from $2.67 at the end of 2012 – the main cause of this was a substantial dilutive equity issue. Occupancy at their Terminal Bovary property was 100%at the year end and rental income on the property up by a third. Despite the Ukrainian crisis, the CEO is remarkably upbeat about the prospects for the company. They have begun diversifying the portfolio outside Ukraine in 2014 – making their first acquisition in Romania. They are investing the proceeds of the equity issue but have been sat on this money for some time saying “it took more time to start deploying these funds than we would have historically expected “.

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