Secure Property Development & Investment (SPDI), a real estate investment company registered in Cyprus and listed on the AIM market of the London Stock Exchange, announced that it will buy the EOS Business Park in Bucharest for EUR 5.85 million. The office building hosts the Romanian headquarters of French dairy group Danone.

The office building is currently owned by Primavera Development, a real estate development company owned by Romanian businessmen.

The EOS Business Park consists of 3,386 leasable sqm of office space, as well as 90 parking spaces. It generates a net operating income (NOI) of about EUR 600,000 per year and is fully let to Danone Romania until 2026, according to SPDI. The building is situated next to the Danone factory on the North-Eastern part of Bucharest.

This is the second acquisition for the real estate company in Romania this year. At the beginning of this year, SPDI also bought the Innovations logistics park in Bucharest for EUR 12.6 million. The logistics park, which is situated in Clinceni, close to Bucharest, has 17,000 sqm of gross leasable area and is fully let and generates EUR 1.3 million operating income per year. Its main tenant is Nestle, which leases more than 60% of its surface.

The acquisitions are in line with the company’s stated strategy of diversification of its property portfolio within the South East Europe region.

“As we continue to raise funds from investors we intend to put the proceeds to work in the acquisition of similar assets with a view to generating substantial income, providing a dividend to our shareholders and becoming a leading regional property company in South Eastern Europe,” said Lambros Anagnostopoulos, CEO of Secure Property, in a company statement.

Secure Property Development & Investment was established in June 2005 to undertake investments in the real estate market in Ukraine. Following its recapitalization in mid-2011, its geographic focus has changed from country-specific to regional, and it started covering other East and South East European markets, such as Romania, Bulgaria, Serbia and Montenegro. The company opened an office in Bucharest in 2013.

The company expects this year’s net operating income to increase by 250% compared to last year, to USD 7.5 million and it’s EBITDA to reach USD 3.5 million.

Andrei Chirileasa, andrei@romania-insider.com