BVIC Group is pleased to announce that it has signed a second sale and leaseback agreement for the retail centre under construction at 49 Kifissias Avenue, with Emporiki Leasing for Eur 21 million. The 16-year sale and leaseback agreement covers 1,116 sqm of retail space and 1,299 sqm of storage space, as well as 503 parking spaces. BVIC Group has already leased all of the parking space as well as 38% of the retail space, covered by the second sale and leaseback agreement. The remaining retail space is under negotiation, and management expects it to be let well before the development is completed in Q1 2006. The total annual lease, for the space covered by the second sale and leaseback agreement that has been let thus far, amounts to Eur 1,206,000 for the first year.

The project will be delivered by February 2006, just a year after construction began. In the past 7 months BVIC Group has let 63% of the 8,200 sqm of lettable space at 49 Kifissias Avenue, at an annual lease of EUR 2.8m. This leaves a further 2,138 sqm of commercial space, that has not been allocated. Moreover, this prime asset has already generated Eur 44.5m, from the sale of 11% of the lettable area for EUR 3.5m, and two sale and leaseback contracts for 72% of the lettable area for a total of Eur 41m.

Management anticipates that the revaluation of the space covered by the second sale and leaseback contract of the investment property will contribute to BVIC's NAV in Q1 2006. In Q3 2005, the revaluation surplus on the 58% of the 49 Kifissias Avenue development covered by the first sale and leaseback agreement, contributed Eur 15m to the Group's NAV.

Aris Vovos, Chief Executive Officer of BVIC Group said: "We are committed to expanding into the growing retail real estate market, and the development at 49 Kifissias Avenue confirms our strategy of delivering prime properties in the best locations, at competitive rents. BVIC Group's significant pipeline of developments add value to its property portfolio."

Excavation commences at Athens Avenue
BVIC group was awarded an excavation permit for the development of the 8,000 sqm land plot at 108-110 Athens Avenue. BVIC will develop an office building of 6,700 sqm, where all of HELEX's departments will relocate, as well as another building complex of approximately 17,000 sqm which will remain in BVIC's ownership. Excavation began last week, and the project is due to be delivered in March 2007, at the latest.