GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
Acquisition of 100% of the share capital of "Tavros Protypi Anaotyxi S.A.", owner of a plot of land of 5.646 sq.m. in the Municipality of Tavros, Attica.
Eurobank Properties REIC (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 was 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 the tenant's responsibility. 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.
The abovementioned acquisition 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.
"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 was 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 the tenant's responsibility. 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.
The abovementioned acquisition 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.