Secure Property Development buys EUR 18 mln assets in Romania

Investment fund Secure Property Development has completed the acquisition of a 24.35% stake in the Delea Noua office building in Bucharest, which hosts Romania’s communications authority ANCOM, as well as several apartments. The assets’ net value amounts to EUR 18.6 million. At the end of May, the company announced that it would pay EUR 23 million for a portfolio of properties, including the Praktiker store in Craiova and some apartments in Sofia, Bulgaria. The Delea Noua office building brings an annual income of EUR 1.9 million and has a rentable area of 10,280 sqm. The fund owns several apartments within a residential project close to the Grivita lake in Bucharest. Together with the apartments in Sofia, these generate annual revenues of EUR 300,000. The company plans to sell these apartments to generate a flow of capital that can be reinvested. editor@romania-insider.com