GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
Update to the report of "EUROBANK PROPERTIES REAL ESTATE INVESTMENT COMPANY S.A." Board of Directors pursuant to articles 9 of L. 3016/2002 and 4.1.4.1.2. of the Athens Exchange regulation.
In its report dated 6th August 2007, which was published pursuant to articles 9 of L. 3016/02 and 4.1.4.1.2. of the Athens Exchange Regulation, the Board of Directors of EUROBANK PROPERTIES REAL ESTATE INVESTMENT COMPANY S.A. (the "Company") stated that the investments to which the Company will proceed by utilising the proceeds from the share capital increase as decided by the Extraordinary General Assembly of 3rd September 2007 and 15th October 2007 have not yet been fully determined in relation to specific properties. However, the Company's strategy regarding the use of proceeds, as stated in the aforementioned report, remains as follows: The Company intends to use the proceeds for the acquisition of high quality office, retail, logistics and industrial spaces, in prime or potentially prime locations both in Greece and in CEE, in order to lease them to corporate tenants in accordance with its investment strategy and in compliance with applicable laws. In the aforementioned report, the Company's Board of Directors committed itself to provide the information required (pursuant to article 4.1.4.1.2. of the ATHEX Regulation) upon the realisation of the relevant investments and to comply with all its regulatory obligations.
In this context, the Company, in continuation to the promissory contract between the Company and Dimand S.A. dated 7/5/2008 and its amendment dated 24/12/2009, has completed the acquisition of 100% of the share capital of the Greek company "Tavros Protypi Anaptyxi S.A.", owner of a plot of land containing an office building.
"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 and close proximity to the Electric Railway Station of Kallithea. A five-storey office building with ground floor and three underground levels of parking spaces is already constructed on the property. The building is delivered in cold shell specifications.
Total acquisition price of "Tavros Protypi Anaptyxi" was euro 9.6 million. The company's net debt amounted to euro 27.4 million. The fair value as estimated by the Body of Sworn -In Valuers of Greece (SOE) is euro 39.1 million. At the same time, the Company signed a lease contract of 25-year duration with 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. June 1st, 2010 is set as the date of the first rental payment.
The construction of the building follows bioclimatic design and satisfies the specifications of the European GreenBuilding Programme (GBP) which aims at improving energy efficiency in non-residential buildings. The modern characteristics consolidated in the construction utilize solar power and climate features, lead to high cost-efficiency and offer excellent light, warming and cooling conditions, making the building environmental-friendly.
It is noted that the company has also published a relevant press release, as required by law.
In this context, the Company, in continuation to the promissory contract between the Company and Dimand S.A. dated 7/5/2008 and its amendment dated 24/12/2009, has completed the acquisition of 100% of the share capital of the Greek company "Tavros Protypi Anaptyxi S.A.", owner of a plot of land containing an office building.
"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 and close proximity to the Electric Railway Station of Kallithea. A five-storey office building with ground floor and three underground levels of parking spaces is already constructed on the property. The building is delivered in cold shell specifications.
Total acquisition price of "Tavros Protypi Anaptyxi" was euro 9.6 million. The company's net debt amounted to euro 27.4 million. The fair value as estimated by the Body of Sworn -In Valuers of Greece (SOE) is euro 39.1 million. At the same time, the Company signed a lease contract of 25-year duration with 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. June 1st, 2010 is set as the date of the first rental payment.
The construction of the building follows bioclimatic design and satisfies the specifications of the European GreenBuilding Programme (GBP) which aims at improving energy efficiency in non-residential buildings. The modern characteristics consolidated in the construction utilize solar power and climate features, lead to high cost-efficiency and offer excellent light, warming and cooling conditions, making the building environmental-friendly.
It is noted that the company has also published a relevant press release, as required by law.