ΜΠΑΜΠΗΣ ΒΩΒΟΣ Α.Ε.
Update regarding the Company's projects
The management of the company "BABIS VOVOS - INTERNATIONAL CONSTRUCTION S.A.", in relation to the developments for the project of Votanikos announce the following:
The company has already entered negotiations with both the syndicate banks, Alpha and Piraeus Bank, that have financed the project to the amount of one hundred and twenty five million Euros (125,000,000.00 euro), to set a new schedule for the repayment of the loan, based on the course of the hearing of the Council of State.
The two banks from the very beginning expressed their faith in the realization of this very important project. This is proven by the fact that so far the amount disbursed has covered almost entirely both the cost of land acquisition and construction works to date.
In addition, a draft contract has been drawn up in order to be signed by the above mentioned banks and the company to finance the remaining development cost, amounting to one hundred and ten million Euros (110,000,000.00 euro), as soon as the continuation of the project is allowed.
Given the importance of the Votanikos - Alexandras Avenue Joint Redevelopment we hope that the decision of the Court will be swift and will allow the continuation of the project.
The development process of the other projects of the company and more specifically the two tourist resorts in Sounio and Poros, with a total market value of more than one hundred twenty million Euros (120,000,000.00 euro), the two office buildings on Kifissias Ave., with a market value of more than thirty million Euros (30,000,000.00 euro) as well as the two new residential projects in Nea Erythrea with a total value of twenty eight million Euros (28,000,000.00 euro), is continuing normally.
Furthermore, the company, having received client interest in purchasing and leasing office space exceeding 50,000.00 m2, is in negotiations to buy land that will provide the opportunity for the construction of equivalent buildings. The company has an investment property portfolio of constructed buildings with a total net market value of six hundred thirty four million Euros (634,000,000.00 euro) after the deduction of finance lease obligations, according to the Colliers valuation dated 30/06/2008, leased with guaranteed long-term lease contracts to leading national and multinational corporations.
The company has already entered negotiations with both the syndicate banks, Alpha and Piraeus Bank, that have financed the project to the amount of one hundred and twenty five million Euros (125,000,000.00 euro), to set a new schedule for the repayment of the loan, based on the course of the hearing of the Council of State.
The two banks from the very beginning expressed their faith in the realization of this very important project. This is proven by the fact that so far the amount disbursed has covered almost entirely both the cost of land acquisition and construction works to date.
In addition, a draft contract has been drawn up in order to be signed by the above mentioned banks and the company to finance the remaining development cost, amounting to one hundred and ten million Euros (110,000,000.00 euro), as soon as the continuation of the project is allowed.
Given the importance of the Votanikos - Alexandras Avenue Joint Redevelopment we hope that the decision of the Court will be swift and will allow the continuation of the project.
The development process of the other projects of the company and more specifically the two tourist resorts in Sounio and Poros, with a total market value of more than one hundred twenty million Euros (120,000,000.00 euro), the two office buildings on Kifissias Ave., with a market value of more than thirty million Euros (30,000,000.00 euro) as well as the two new residential projects in Nea Erythrea with a total value of twenty eight million Euros (28,000,000.00 euro), is continuing normally.
Furthermore, the company, having received client interest in purchasing and leasing office space exceeding 50,000.00 m2, is in negotiations to buy land that will provide the opportunity for the construction of equivalent buildings. The company has an investment property portfolio of constructed buildings with a total net market value of six hundred thirty four million Euros (634,000,000.00 euro) after the deduction of finance lease obligations, according to the Colliers valuation dated 30/06/2008, leased with guaranteed long-term lease contracts to leading national and multinational corporations.