GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
UPDATE TO THE REPORT OF THE BOARD OF DIRECTORS OF "EUROBANK PROPERTIES REAL ESTATE INVESTMENT COMPANY S.A." 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 announces a further step in the materialisation of its investment plan via the conclusion of a sale and purchase notarial deed for the acquisition οf three retail boxes, on September 30 2009. Specifically:
- The first property is located in the municipality of Metamorfossi at 8 Tatoiou Street and consists of a building with total leasable area of 15,962 sq.m. and a plot of land with total surface of 18,927 sq.m.
- The second property is located in the municipality of Larisa, on the Larissa-Trikala ring road, and consists of a building with total leasable area of 9.733 sq.m. and a plot of land with total surface of 57,978 sq.m.
- The third property is located in the municipality of Patra at 56-58 Akti Dimeon Street. The property consists of a building with a total leasable area of 7,389 sq.m. and a plot of land with total surface of 16,709 sq.m.
The total acquisition price for the three properties was euro 46,0m. and was fully financed from the proceeds of the company share capital increase of December 2007. The fair value of the properties as determined by the Body of Sworn - In Valuers of Greece (SOE) is euro 47.4m, in total. Specifically, the fair value for Metamorfossis was determined at euro 21.8m., for Patra euro 12.6m. and for Larisa euro 13,0m.
The properties are long-term leased to Praktiker Hellas S.A., affiliate of the German multinational company Praktiker AG and the net entry yield is 8.3%
It is noted that the company has also published a relevant press release, as required by law.
In this context, the company announces a further step in the materialisation of its investment plan via the conclusion of a sale and purchase notarial deed for the acquisition οf three retail boxes, on September 30 2009. Specifically:
- The first property is located in the municipality of Metamorfossi at 8 Tatoiou Street and consists of a building with total leasable area of 15,962 sq.m. and a plot of land with total surface of 18,927 sq.m.
- The second property is located in the municipality of Larisa, on the Larissa-Trikala ring road, and consists of a building with total leasable area of 9.733 sq.m. and a plot of land with total surface of 57,978 sq.m.
- The third property is located in the municipality of Patra at 56-58 Akti Dimeon Street. The property consists of a building with a total leasable area of 7,389 sq.m. and a plot of land with total surface of 16,709 sq.m.
The total acquisition price for the three properties was euro 46,0m. and was fully financed from the proceeds of the company share capital increase of December 2007. The fair value of the properties as determined by the Body of Sworn - In Valuers of Greece (SOE) is euro 47.4m, in total. Specifically, the fair value for Metamorfossis was determined at euro 21.8m., for Patra euro 12.6m. and for Larisa euro 13,0m.
The properties are long-term leased to Praktiker Hellas S.A., affiliate of the German multinational company Praktiker AG and the net entry yield is 8.3%
It is noted that the company has also published a relevant press release, as required by law.