Kiev-based Secure Property Development & Investment PLC reduced the size of its board of directors and put the outgoing directors on a newly formed advisory council that will advise the company as it completes the sale of its non-Greek properties and transitions to a real estate company focused on Southeastern Europe.
Chairman Michael Beys, Vice Chairman Harin Thaker, CEO Lambros Anagnostopoulos and nonexecutive directors Ian Domaille and Tony Kaffas will remain on the newly constituted board. Former directors Paul Ensor, Vago Barseghyan, Franz Hörhager, Kalypso Nomikou and Alvaro Portela will join the advisory council, as will Secure Property's investment-banking adviser Emmanuel Blouin. Former director Colin Chapin's tenure ended at the company's most recent annual general meeting.
The company is selling its non-Greek portfolio in an all-share deal to Amsterdam-based Arcona Property Fund NV for about €29.3 million in a transaction that Secure Property said will give its shareholders exposure to a dividend-paying, Amsterdam- and Prague-listed diversified real estate company with assets in Central and Eastern Europe, valued at €161 million.