The management of BVIC SA announces that yesterday the Group entered into an agreement to buy a plot of land of 11,000sqm on Kifissias Avenue at Amaroussion - Athens.

The Group plans to construct a commercial building complex of approximately 9,000sqm of lettable area as well as 1,000 parking spaces. The estimated total cost, i.e. plot acquisition plus total development cost, of the project is estimated at approximately 35million Euros. The pre-let interest so far is strong stemming from both Greek and multinational corporations. The development of the project is estimated to be completed by the end of 2005.

Regarding the injunction against the Sounio development, the management of BVIC is still waiting for the Court decision to be officially announced. The Group has been legally advised that it has good prospects of success in the hearing relating to the injunction.