GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
Amendment of the promissory contract for the acquisition of 100% of the share capital of "Tavros Protypi Anaptyxi S.A.", a real estate investment company.
Eurobank properties R.E.I.C (the Company) has signed an amendment of the promissory contract dated 7/5/2008 for the purchase of 100% of the shares of the Greek company "Tavros Protypi Anaptyxi S.A." from Dimand S.A.
"Tavros Protypi Anaptyxi S.A." is the owner of a land plot of 5,646 sqm, located in Tavros municipality (Southern Athens). Specifically, the property lies on the junctions of 25th Martiou street, Thessalonikis street and Teo street, on close proximity to the Electric Railway Station of Kallithea. An office building is currently under construction on the property by the company.
According to the terms of the promissory contract as amended, total acquisition price has been agreed at euro 37 million on a liability and debt-free basis instead of the initially agreed price of euro 50,35 million. The amount to be paid at the time of the signing of the final share purchase agreement will be adjusted taking into consideration any debt / liabilities existing then. Additionally, delivery specifications of the building to Eurobank Properties have been amended to cold shell instead of hot shell. Completion of sale-purchase agreement is expected to take place as soon as legal, financial and technical due diligence is completed.
In the same time, there has been signed a promissory lease contract by EFG EUROBANK CARDS SA, member of EUROBANK EFG Group which will also undertake the project to bring the building to hot shell specifications. Net initial yield is equal to 6.5% while insurance and maintenance costs will be tenant's responsibilities.
"Tavros Protypi Anaptyxi S.A." is the owner of a land plot of 5,646 sqm, located in Tavros municipality (Southern Athens). Specifically, the property lies on the junctions of 25th Martiou street, Thessalonikis street and Teo street, on close proximity to the Electric Railway Station of Kallithea. An office building is currently under construction on the property by the company.
According to the terms of the promissory contract as amended, total acquisition price has been agreed at euro 37 million on a liability and debt-free basis instead of the initially agreed price of euro 50,35 million. The amount to be paid at the time of the signing of the final share purchase agreement will be adjusted taking into consideration any debt / liabilities existing then. Additionally, delivery specifications of the building to Eurobank Properties have been amended to cold shell instead of hot shell. Completion of sale-purchase agreement is expected to take place as soon as legal, financial and technical due diligence is completed.
In the same time, there has been signed a promissory lease contract by EFG EUROBANK CARDS SA, member of EUROBANK EFG Group which will also undertake the project to bring the building to hot shell specifications. Net initial yield is equal to 6.5% while insurance and maintenance costs will be tenant's responsibilities.