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Secure Property Development deal with Arcona delayed by pandemic
StockMarketWire.com
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Eastern Europe focused Secure Property Development and Investment said the second phase of a planned deal with Arcona Property Fund had been 'severely disrupted' by the pandemic.
Secure Property Development had agreed to transfer its property portfolio, excluding its Greek logistics properties, to Arcona in exchange for new shares and warrants in Arcona.
The first stage of the deal had been completed and involved the transfer of certain Ukrainian assets.
'Completion of stage two of the transaction has been severely disrupted by Covid-19 pandemic related business interruptions,' Secure Property Development said.
It added that both it and Arcona had now made it a priority to complete stage two 'as soon as feasible with the relevant sale and purchase agreements due to be signed in the near future'.
Stage two included the remaining property assets in Ukraine and certain assets in Romania.
At 9:13am: (LON:SPDI) Secure Property Development Investment Plc share price was 0p at 6.5p
Story provided by StockMarketWire.com
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