Cypriot fund buys real estate in Romania

Cyprus-based investment fund Secure Property Development & Investment recently bought the Praktiker store in Craiova, a part of the Delea Noua Office Building in Bucharest and houses located on the Grivita lake and in the south of Sofia, Bulgaria. It paid EUR 23.2 million for all the assets. The new properties will increase the company’s annual net operating income to over EUR 8 million. The investor will sustain the acquisition, by issuing shares with EUR 0.61. The capital boost will leave untouched the company’s cash reserves. In March, the fund attracted EUR 8 million through a public offering. It intended to use the funds to buy assets in Romania, Bulgaria and Greece. The fund bought the Praktiker store from another Cyprus-based fund called Bluehouse Capital, which also bought it from Cypriot businessmen with EUR 10 million in 2011. editor@romania-insider.com