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Real Estate: Secure Property buys 122 flats in 4 residences in Bucharest, the third investment in Romania
Secure Property Development &Investment (SPDI) of Cyprus bought 122 flats in four residences in Bucharest, whose net value is estimated at 3.3 million euro, the investment company being at the first acquisition in Romania this year, with a total of over 20 million euro.
‘Secure Property Development&Investment reached an agreement regarding the acquisition of a residential portfolio in Bucharest, from a group including important investors from Europe.The acquisition is the third trading made by the company in Romania and shows the continuation of the strategy which aims at the increase of the basis of assets through the diversification of the portfolio in Southern-Eastern Europe’ the press release of the company shows.
The portfolio bought is made of 122 flats with a total of 11,700 square metres in four residences localised in different residential areas in Bucharest, with a net value of 3.3 million euro.Out of the total, 87 flats are rented, 71.3% respectively of the total, they generating an operational income of 270,000 euro.
‘The demand for residences in Bucharest is higher than the offer and, taking into consideration the evolution of the GDP we expect an increase of the prices and rents on the residential market, which will bring profits for the company’ Lambros Anagnostopoulos the managing director of Secure Property said.
The company announced at the end of August the acquisition of Danone residence in Bucharest, the EOS Business Park building, for 5.85 million euro, developed by Primavera Development in Romania, company owned by Daniel Adrian Tanasoiu and Emil Tanasoiu.
Previously, SPDI bought in Romania, for 12.6 million euro, the logistic park Innovations of Clinceni, which is rented in proportion of 60% by the Swiss company Nestle. SPDI was set up in June 2005 and aimed, initially, at the investments on the real estate market of Ukraine. Following recapitalisation, in 2011, the company extended the activity at regional level, through investments in Romania, Bulgaria, Serbia and Montenegro. Moreover, SPDI started an office in Bucharest in 2013.