SPDI winds up Ukraine deal, eyes Romania and Greece
Nicosia-based Secure Property Development and Investment (SPDI) announced Monday the sale of a warehouse in Ukraine and that it will focus on high yielding markets such as Romania and Greece.
SPDI said that it completed the sale of the Terminal Brovary warehouse in Kiev to Temania Enterprises for about 15 million euros, earning the company a profit of some 2.7 million euros.
The deal is in line with the company’s strategy to focus on high-yielding South Eastern European countries such as Romania, Bulgaria and Greece while limiting its exposure in Ukraine.
“Closing the Terminal Brovary sale reinforces SPDI’s strategy of selecting prime well-located assets, ensuring these are both fully let, optimally financed, and generating value for its shareholders through both cash inflows and capital appreciation,” said SPDI CEO, Lambros Anagnostopoulos, said in a statement.
The company’s portfolio includes logistics terminals in Athens and Bucharest, offices in Bucharest, as well as a retail BigBox in Craiova, Romania.