- Secure Property Development and Investment has signed three agreements relating to the proposed transfer of certain assets owned by SPDI in Romania and Ukraine to Arcona Property Fund N.V.

Under the terms of the Agreements, SPDI will receive approximately 605,000 new ordinary shares in Arcona and approximately 145,000 warrants over ordinary shares in Arcona, as well as €1m in cash, subject to, inter alia, standard form adjustment and finalisation in accordance with the agreements.

The transfer of the Stage Two Assets represents the second stage of an intended three-stage process for the Arcona Transaction to complete the previously announced transfer to Arcona of SPDI's property portfolio, excluding its Greek logistics properties, to create a leading Central and South Eastern European focused property investment vehicle.

In exchange for the transfer of the company's assets, and subject to the same standard form adjustment and finalisation mentioned above, SPDI is to be issued new ordinary shares in Arcona and warrants over Arcona ordinary shares.

Arcona invests in Central European commercial property and is listed on Euronext Amsterdam and the Prague Stock Exchange.

The total €8.2 million value of the Stage Two Transaction (based on a net asset value of €11.87 per Arcona share as at 31 December 2020) is almost at par with SPDI's current overall market capitalisation which, in addition to the Stage Two Assets, reflects Arcona shares held already by SPDI following the completion of Stage One of the Arcona Transaction, as well as the assets to be included in Stage Three of the Arcona Transaction.

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