GRIVALIA PROPERTIES R.E.I.C.
Eurobank Properties REIC has acquired two retail properties in Maroussi for a total of approximately 16 m Euro
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PRESS RELEASE
Eurobank Properties REIC has acquired two retail properties in Maroussi for a total of approximately 16 m Euro
In line with the Company's investment strategy to further expand its investment portfolio, Eurobank Properties Real Estate Investment Company (the "Company"), acquired two retail properties located in Kifisias Avenue, for a total of ?16 million and a total area of 3.411.27 sqm.
The first proprty is located at 42, Kifisias Ave., with a total area of 1,221.51 sqm which is leased to SATO S.A. and operates show rooms for Bo Concept & La Maison Coloniale (both are furniture brands). The acquisition cost of this property is approximately 7m Euro and the market value is approximately 7.4 m Euro as valued by the Body of Charted Valuers (SOE).
The second property is located at 69 Kifisias Ave., with a total area of 2,189.76 sqm which is leased to SATO S.A.. and operates as a show room of the latter (SATO being a major name in office and home furniture). The acquisition cost of this property is 9m Euro and the market value is approximately 9.5 m Euro as valued by the Body of Charted Valuers (SOE).
The entry yield of the investment is calculated 6%.
The lessee has undertaken the ordinary and extraordinary maintenance costs of each building as well as of the E/M facilities and systems. The Company is responsible only for normal tear and wear on the structural elements of the buildings.
Finally, the lessee is responsible to insure each property against risks as described in the Hellenic Capital Market Commission's BoD Decision No. 7/259/19.12.2002.
According to Mr. Georgios Chryssikos, Investment Manager of the Company, "the present investment of 16 m Euro has been 100% financed with part of the funds that were raised in the SCI of the Company which took place during December 2007".
The acquisition of these properties is in line with the Company'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. This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and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.
PRESS RELEASE
Eurobank Properties REIC has acquired two retail properties in Maroussi for a total of approximately 16 m Euro
In line with the Company's investment strategy to further expand its investment portfolio, Eurobank Properties Real Estate Investment Company (the "Company"), acquired two retail properties located in Kifisias Avenue, for a total of ?16 million and a total area of 3.411.27 sqm.
The first proprty is located at 42, Kifisias Ave., with a total area of 1,221.51 sqm which is leased to SATO S.A. and operates show rooms for Bo Concept & La Maison Coloniale (both are furniture brands). The acquisition cost of this property is approximately 7m Euro and the market value is approximately 7.4 m Euro as valued by the Body of Charted Valuers (SOE).
The second property is located at 69 Kifisias Ave., with a total area of 2,189.76 sqm which is leased to SATO S.A.. and operates as a show room of the latter (SATO being a major name in office and home furniture). The acquisition cost of this property is 9m Euro and the market value is approximately 9.5 m Euro as valued by the Body of Charted Valuers (SOE).
The entry yield of the investment is calculated 6%.
The lessee has undertaken the ordinary and extraordinary maintenance costs of each building as well as of the E/M facilities and systems. The Company is responsible only for normal tear and wear on the structural elements of the buildings.
Finally, the lessee is responsible to insure each property against risks as described in the Hellenic Capital Market Commission's BoD Decision No. 7/259/19.12.2002.
According to Mr. Georgios Chryssikos, Investment Manager of the Company, "the present investment of 16 m Euro has been 100% financed with part of the funds that were raised in the SCI of the Company which took place during December 2007".
The acquisition of these properties is in line with the Company'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. 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.