GRIVALIA PROPERTIES R.E.I.C.
Signing of a promissory contract for the acquisition of a Romanian joint stock company that owns an office building in Pipera, Bucharest that is under construction
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
In line with the Company's investment strategy to further expand its investment portfolio, Eurobank Properties Real Estate Investment Company (Eurobank Properties REIC) has entered into a promissory contract to purchase, subject to certain conditions, a Romanian joint stock company, that owns an office building that is under development. Upon completion, the building will have a gross leasable area of approximately 23,347 square meters and 120 parking spaces. The property is located on the corner of Dimitrie Pompeiu Bd. and Ing. G. Constantinescu Street near the tube station Pipera in Bucharest, Romania and upon completion it will be a multi-storey Grade A office building. The price for the acquisition of 100% of the shares of the Romanian joint stock company that owns the office building has been agreed at approximately Euro 36 million, on a liability free basis. Eurobank Properties REIC has made an advance payment of Euro 6 million and the remaining price will be paid upon final delivery of all construction works undertaken by the Sellers and signing of the shares sale and purchase agreement. The sellers are required to complete the construction of the office building in compliance with agreed technical specifications and deliver the property by no later than 28th February, 2008. Eurobank Properties REIC is in the final stages of negotiating for the 100% lease of the office building to two subsidiaries of Eurobank EFG Group (on the condition that the completion of construction works undertaken by the sellers is satisfactory). Eurobank Properties REIC may undertake additional improvements to suit additional tenant requirements. According to Mr. George Chryssikos, Investment Manager of Eurobank Properties REIC, 'the present investment will be financed partially through the Company's own funds and partially through future debt financing, taking advantage of the recent amendments of the regulatory framework for Greek REICs'.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
In line with the Company's investment strategy to further expand its investment portfolio, Eurobank Properties Real Estate Investment Company (Eurobank Properties REIC) has entered into a promissory contract to purchase, subject to certain conditions, a Romanian joint stock company, that owns an office building that is under development. Upon completion, the building will have a gross leasable area of approximately 23,347 square meters and 120 parking spaces. The property is located on the corner of Dimitrie Pompeiu Bd. and Ing. G. Constantinescu Street near the tube station Pipera in Bucharest, Romania and upon completion it will be a multi-storey Grade A office building. The price for the acquisition of 100% of the shares of the Romanian joint stock company that owns the office building has been agreed at approximately Euro 36 million, on a liability free basis. Eurobank Properties REIC has made an advance payment of Euro 6 million and the remaining price will be paid upon final delivery of all construction works undertaken by the Sellers and signing of the shares sale and purchase agreement. The sellers are required to complete the construction of the office building in compliance with agreed technical specifications and deliver the property by no later than 28th February, 2008. Eurobank Properties REIC is in the final stages of negotiating for the 100% lease of the office building to two subsidiaries of Eurobank EFG Group (on the condition that the completion of construction works undertaken by the sellers is satisfactory). Eurobank Properties REIC may undertake additional improvements to suit additional tenant requirements. According to Mr. George Chryssikos, Investment Manager of Eurobank Properties REIC, 'the present investment will be financed partially through the Company's own funds and partially through future debt financing, taking advantage of the recent amendments of the regulatory framework for Greek REICs'.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.