South Eastern Europe-focused property and investment group Secure Property Development and Investment PLC (LON:SPDI), has agreed an amended Sale and Leaseback (SLB) agreement with the Bank of Piraeus (BoP) Romania over the Innovations Logistics Park in Bucharest.
The deal, agreed after extensive discussions, follows SPDI's agreement with the Innovations Park’s previous anchor tenant, Nestlé Romania, for an early termination of their tenancy agreement in exchange for a mutually agreed fee of €1.39mln, announced in August 2016.
The amended SLB agreement with BoP is for a period of nine years, during which time SPDI is free to lease out spaces at the Innovations Park at its own discretion.
The company said it is “in the process of identifying suitable tenants and looks forward to making future announcements in this regard. “
Lambros G. Anagnostopoulos, SPDI’s chief executive officer, said,: “This agreement allows us to manage the asset optimally and positions us strongly to find new tenants.“
He added: “As a result, now that we have settled the issue of the SLB we are confident that a replacement for Nestlé România will be found quickly.
“In the meantime, we continue to look to add value for our shareholders through each and every one of our property assets, as evidenced by the recent profitable sale of the Terminal Brovary in Kiev which allows us to focus on expanding our portfolio of assets in the flourishing Romanian market."
Secure Property shares held steady at 15p.