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Secure Property Development to buy 50% stake in Romanian logistics portfolio

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Secure Property Development to buy 50% stake in Romanian logistics portfolio

Secure Property Development & Investment Plc plans to acquire up to a 50% stake in a portfolio of fully let logistics properties in Romania, with a gross asset value of about €50 million.

The Olympians portfolio, owned by GE Capital's development partner Myrian Nes Ltd., comprises roughly 100,000 square meters of warehousing and office facilities across Bucharest, Timisoara and Brasov.

The portfolio has a roughly €30 million senior loan liability secured against it, and the consideration for the stake purchase is expected to be roughly €8 million to €9 million.

The company plans to fund the majority of the consideration with the issue of a financial instrument worth up to €4 million, comprising a seven-year term convertible loan and a warrant, with the balance to be financed with external debt.