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Secure Property to acquire a GLA17,756 sq m Athens warehouse

Secure Property Development & Investment is to acquire an income producing logistics park that includes warehouse space as well as an alternative energy production facility in the West Attica Industrial Area, Greece.

The seller is GE Dimitriou AEE.
The acquisition, which is in line with the Company’s stated strategy for further growth and the diversification of its property portfolio, will be the Company’s second outside of Ukraine and the first in Greece this year. The acquisition is expected to be concluded upon separation of the asset from G.E Dimitriou A.E.E, its transfer to a newly formed company, and completion of certain other conditions. The consideration is EUR2,000,000  payable in cash  reflecting an agreed value for the Complex of EUR15,000,000 and the assumption of associated debt of EUR13,000,000. 
The Complex comprises 17,756 leasable sq m and has a net operating income (“NOI”) of approximately EUR1.5 million. It is fully let with 71% leased to the German multinational transportation and logistics company, Kuehne + Nagel. All leases have a remaining duration of 11 years. The NOI also includes approximately EUR350.000 of contractual income from selling electric energy produced by the photovoltaic park installed on the roof of the warehouse property to the Greek Electric Grid.
This acquisition, which will increase the Company’s annual net operating income by approximately 40%, to  USD7 million, will also further strengthen Secure’s exposure to the logistics property sector and increases its regional logistics portfolio to 85,000 sq m, which also includes the fully let Terminal Brovary in Kiev and the recently acquired Innovations Logistics Park in Bucharest.
Lambros Anagnostopoulos, Chief Executive Officer of Secure Property, says: “The agreement to acquire the Complex, our first investment in Greece, is in line with our strategy to expand our focus on the logistics sector and become a leading regional property company in South Eastern Europe, a market that we  believe offers significant opportunities. The asset offers an attractive yield with secure high-quality tenants, and an income- producing photovoltaic park which further adds to the net operating income.
“The Greek economy has shown promising signs of recovery and we believe that this is an ideal time to invest in Greek property. We remain acquisitive and are actively seeking investment opportunities in Greece and other countries in the region”.

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