30 March 2022
Arcona Property Fund N.V. – a listed fund that invests in commercial real estate in Central Europe – has completed the acquisition of one of the two office buildings in Bucharest from Secure Property Development & Investment (SPDI).
Arcona Property Fund N.V. finances the acquisition by issuing 315,668 shares and 76,085 warrants. The shares are issued at the net asset value of EUR 11.83 per share. The warrants can be converted into Arcona Property Fund N.V. shares if the share price reaches a price level of EUR 7.20 before 29 March 2027.
Arcona Property Fund N.V. acquires a 21.18% interest in the Delenco office building from SPDI. It has an area of 10,375 m2, of which 9,664 m2 is office space and 711 m2 is retail space. In addition, the office building has 68 parking spaces. The appraised value of the interest is EUR 3,810,000. Delenco has four tenants, of which ANCOM (Romanian telecom regulator) is the largest with 81% of the rental income. The lease with ANCOM runs until June 30, 2026. The annual rent for the entire building is EUR 1,716,000. The office building is not financed with a bank loan. At a later stage, Arcona Property Fund N.V. will also take over the remaining 3.17% stake in SPDI.
In the short term, Arcona Property Fund N.V. also expects to acquire the EOS office building in Bucharest from SPDI.
Arcona Property Fund N.V. buys SPDI real estate in Bucharest
30 March 2022