Secure Property Development & Investment is buying a logistics park in Athens in the London AIM-listed investor's first deal in Greece, and second outside of Ukraine.

Secure Property Development & Investment is buying a logistics park in Athens in the London AIM-listed investor's first deal in Greece, and second outside of Ukraine.

Secure has agreed to acquire the income-producing logistics park that includes warehouse space as well as an alternative energy production facility from Athens-listed G.E. Dimitriou.

The investment volume for the asset, located in the West Attica Industrial Area in Athens, comes to €2 mln in cash and the assumption of €13 mln in debt.

The complex comprises 17,760 m2 of leasable area and has a net operating income of €1.5 mln. It is fully let with 71% leased to German transportation and logistics company Kuehne + Nagel. All leases have a remaining duration of 11 years. The NOI also includes €350,000 of contractual income from selling electric energy produced by the photovoltaic park installed on the roof of the warehouse property to the Greek Electric Grid.

This acquisition will increase Secure’s annual net operating income by 40% to $7 mln and further strengthen the company’s exposure to the logistics property sector, boosting its regional logistics portfolio to 85,000 m2. Its other logistics holdings include the fully let Terminal Brovary in Kiev and the recently acquired Innovations Logistics Park in Bucharest.

Secure's CEO Lambros Anagnostopoulos, said: 'The agreement to acquire the complex, our first investment in Greece, is in line with our strategy to expand our focus on the logistics sector and become a leading regional property company in South Eastern Europe, a market that we believe offers significant opportunities. The Greek economy has shown promising signs of recovery and we believe that this is an ideal time to invest in Greek property. We remain acquisitive and are actively seeking investment opportunities in Greece and other countries in the region.'