Secure Property Development & Investment has completed the acquisition of Innovations logistics park in Bucharest, Romania from Myrian Nes and Theandrion Estates for EUR12.6 million.
The acquisition has been funded by EUR4.4 million of the company’s existing cash resources and by issuance of 785,000 redeemable shares, with the remainder funded by bank debt.
Innovations is a fully-let 17,000 sq m gross leasable area logistics park located in Clinceni in Bucharest, which benefits from being on the Bucharest ring road, and currently produces EUR1.3 million of income per annum.
The anchor tenant is Nestle which leases more than 60 per cent of the gross leasable area, with the remainder let to locally managed Romanian businesses.
The acquisition is expected to increase the company’s annual net operating income by over 60 per cent.
The acquisition increases Secure’s regional logistics portfolio, which also includes the fully let Terminal Brovary asset in Kiev, to 67,000 sq m (with occupancy being at 100 per cent of the warehouse space).