Arcona Property Fund buys two office buildings in Bucharest from SPDI


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BUCHAREST (Romania), June 14 (SeeNews) – Arcona Property Fund NV announced on Monday that it has signed agreements for the purchase of two office buildings in Bucharest belonging to Secure Property Development & Investments Ltd (SPDI) and valued at a total of 9.87 million euros ($ 12 million).

The purchases are expected to be finalized in the second half of 2021, Arcona said in a statement.

Arcona acquires a 2,700 m² office building in northwest Bucharest fully leased to Danone Romania until May 2026, worth 5 million euros, and a 24.35% stake in a building of office space located in the center of Bucharest partly leased to the Romanian Telecommunications Authority (ANCOM) and valued at 4.87 million euros. ANCOM has just granted a five-year lease extension for the building, according to the press release.

In addition to the properties in Romania, Arcona also acquires two development sites in the Kiev region of Ukraine, with a total value of 1.8 million euros.

The fund will acquire the assets by issuing some 605,000 shares with an intrinsic value of 11.87 euros each and some 146,000 warrants which can be converted into Arcona Property Fund shares if the shares in the fund reach a price of 7.20 euros. .

Warrants will expire five years after their issuance and may be exercised after one year, unless a prospectus relating to the warrant and / or the underlying shares is published.

Arcona Property is a closed-end investment fund listed on the Euronext Amsterdam stock exchange. The fund invests in commercial real estate in Bulgaria, the Czech Republic, Romania, Slovakia, Ukraine and Poland.

SPDI is a London-listed real estate company focused on emerging Europe (Romania, Bulgaria, Greece, Serbia) with a growing portfolio of prime commercial properties leased to blue chip clients on long leases, according to the press release .

($ = 0.8225 euros)

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