Arcona Property Fund N.V. (ENXTAM:MERE), managed by Palmer Capital Nederland N.V., entered into a conditional implementation agreement to acquire unknown stake in property portfolio excluding Greek logistics properties from Secure Property Development & Investment Plc (AIM:SPDI), managed by Aisi Realty Capital LLC, for €44.8 million on December 18, 2018. The consideration involves issue of 2.1 million new shares of Arcona Property Fund N.V. and the transfer of existing senior debt over the related properties totaling €30 million. Additionally, an earn-out component has been proposed as part of the transaction and would result in warrants over a further 0.51 million shares of Arcona Property Fund N.V. being issued. These warrants would be exercisable at no cost if the share price of Arcona Property Fund N.V. reaches €8.6 within five years of completion of the transaction. For the year ended December 31, 2017, the rental income of the portfolio assets in which Secure Property Development & Investment Plc owned more than 50% was €1.91 million. The local teams of Secure Property Development & Investment Plc will be integrated into Arcona Capital Fund Management B.V. (Arcona Property Fund N.V.´s manager) and representatives of Secure Property Development & Investment Plc will be proposed for appointment to the Supervisory Board of Arcona Property Fund N.V. for at least one third of its membership. The transaction is subject to asset and tax due diligence including third party asset valuations, regulatory approvals including the approval of a prospectus required in connection with the issuance and admission to listing of the new shares of Arcona Property Fund N.V. as well as successful negotiating and signature of transaction documents. The transaction is expected to close during first quarter of 2019. As per disclosure of March 27, 2019, the deal is expected to be effected in May / June 2019. Rory Murphy, Ritchie Balmer and Jack Botros of Strand Hanson Limited, Jon Belliss of Novum Securities Limited and Frank Buhagiar and Cosima Akerman of St Brides Partners Ltd acted as financial advisors for Secure Property Development & Investment Plc. Arcona Property Fund N.V. (ENXTAM:MERE), managed by Palmer Capital Nederland N.V., cancelled the acquisition of unknown stake in Property Portfolio Excluding Greek Logistics Properties from Secure Property Development & Investment Plc (AIM:SPDI), managed by Aisi Realty Capital LLC, on August 7, 2019.