July 26 (SeeNews) - Southeast Europe-focused property and investment company Secure Property Development & Investments (SPDI) said on Wednesday it has sold its share of a land plot in Romania's capital Bucharest for 2.5 million euros ($2.9 million).
The 40,000 sq m land plot is located in east Bucharest on the shore of Pantelimon Lake and was operated by SPDI through a Romania company named Delia Lebada SRL.
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The money from the sale will be used to pay back a loan, SPDI said in a statement filed with the London Stock Exchange.
"Not only have we substantially reduced our interest in this well-located but not yet income generating property but we have agreed with the lending bank to eliminate the associated debt substantially below its nominal value whilst at the same time retaining a small 5% interest to take advantage of any upside potential," SPDI CEO Lambros Anagnostopoulos said.
The disposal is in line with the company's strategy to focus on income producing assets in high-yielding Southeast European countries such as Romania and Greece.
SPDI targets high yielding commercial, retail and industrial properties in South Eastern Europe.
Its core income producing portfolio includes logistics terminals in Athens and Bucharest, offices in Bucharest, as well as a retail BigBox in Craiova, Romania.
($=0.8579 euro)