Eurobank Properties Real Estate Investment Company (Eurobank Properties REIC) proceeded with the acquisition of a 393 sqm retail property located in the area of Vrilissia of Attica, within the framework of the Company''s investment strategy for further expansion of its property portfolio.
Specifically, the property, which is located on 72 Pentelis Avenue, is currently a Marks & Spencer retail store. Based on the valuation performed by the Body of Chartered Valuers (SOE), the value of the property was estimated at Euro2.175 million, which was also the acquisition price. The property has already been leased to a member of the Marinopoulos group for commercial use.
According to Mr. Aristotle Karytinos, executive member of the Board of Directors and member of the Investment Committee of Eurobank Properties REIC, "the present investment of Euro 2.175 million has been 100% financed with part of the funds that were raised in the IPO of the Company".
It is stressed that with the aforementioned investment, the Company has managed to absorb 50% of the IPO proceeds in a short period of time.
In conclusion, the acquisition of the specific property verifies Eurobank Properties REIC''s investment strategy for future growth through selective acquisitions of office, retail, logistics and industrial spaces in prime locations, taking into consideration the prevailing market conditions.
Eurobank Properties REIC, listed in the Main Market of the Athens Stock Exchange, is the leading Real Estate Investment Company in Greece, managing one of the most significant real estate portfolios of commercial properties in Greece. The Company operates in the fast growing industry of real estate investment, which is governed by favourable tax regime, maintains long-term lease agreements with corporate tenants and is managed by experienced executives with in-depth knowledge of the Greek real estate market.