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Secure Property Development adds to its Romanian exposure

SPDI : Secure Property Development adds to its Romanian exposure

Secure Property Development & Investment has announced that it is buying a 12,700 sqm residential portfolio in Bucharest, Romania. The portfolio contains 122 apartments split across four separate complexes in Bucharest. 87 of the 122 apartments are let and these produce net operating income of c€270,000.

SPDI is buying the property in exchange for issuing the sellers with 3,934,854 new ordinary shares in the company (worth about £2.4m) – the announcement says the apartments have a net asset value of €3.3m (£2.6m).

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