GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
Acquisition of three Praktiker stores in Metamorfossi, Patra and Larissa for euro 46m.
Eurobank Properties REIC (the "Company") has completed the acquisition of three retail boxes in Metamorfossi, Patra and Larissa, leased to Praktiker Hellas S.A., affiliate of the German multinational company Praktiker AG. 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 store serves over 2 million residents of the north-western suburbs of Athens.
- The second property is located in the municipality of Larisa, on a nodal spot of 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, on a prime location across the new port of Patra which is currently under construction. The property consists of a building with total leasable area of 7,389 sq.m. and a plot of land with total surface of 16,709 sq.m.
The three properties have remaining building coefficient of total surface of 24.4 thousand sq.m.
The properties are long-term leased to the well known DIY chain Praktiker, with lease contracts that expire in 2020 for the stores of Larissa and Patra and 2026 for the store of Metamorfossi. The acquisition price for the three properties was euro 46.0m and was financed from the proceeds of the company share capital increase of December 2007. The fair values as estimated by the Body of Sworn -In Valuers of Greece (SOE) sum up to euro 47.4m. Specifically, the estimated fair value for the property in Metamorfossi is euro 21.8m., for the property in Patra is 12.6m. and for the property in Larisa is euro 13m. The acquisition prices were determined on the basis of a net entry yield of 8.3%.
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.
- 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 store serves over 2 million residents of the north-western suburbs of Athens.
- The second property is located in the municipality of Larisa, on a nodal spot of 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, on a prime location across the new port of Patra which is currently under construction. The property consists of a building with total leasable area of 7,389 sq.m. and a plot of land with total surface of 16,709 sq.m.
The three properties have remaining building coefficient of total surface of 24.4 thousand sq.m.
The properties are long-term leased to the well known DIY chain Praktiker, with lease contracts that expire in 2020 for the stores of Larissa and Patra and 2026 for the store of Metamorfossi. The acquisition price for the three properties was euro 46.0m and was financed from the proceeds of the company share capital increase of December 2007. The fair values as estimated by the Body of Sworn -In Valuers of Greece (SOE) sum up to euro 47.4m. Specifically, the estimated fair value for the property in Metamorfossi is euro 21.8m., for the property in Patra is 12.6m. and for the property in Larisa is euro 13m. The acquisition prices were determined on the basis of a net entry yield of 8.3%.
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.