GRIVALIA PROPERTIES R.E.I.C.
Announcement for the acquisition of property
In its report dated 6th August 2007, which was published pursuant to articles 9 of L. 3016/02 and 289 of the Athens Exchange Regulation, the Board of Directors of EUROBANK PROPERTIES REAL ESTATE INVESTMENT COMPANY S.A. (the "Company") stated that the individual 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 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 289 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 acquisition, on 15 April 2008, of a property, from ARXIKON S.A., which consists of a building of retail use with a total area of 1,747.50 sqm on a land plot with total surface area of 3,299.42 sqm. The acquisition cost was 3.15 m Euro and the transaction was financed by the funds raised from the share capital increase which took place during December 2007.
The property is located at Trikala municipality, on 65 Karditsas Street and is leased to AV Vassilopoulos S.A. with the lease contract expiring in 2028. The market value of the property is approximately 3.3 m Euro as valued by the Body of Sworn-In Valuers of Greece (SOE).
The gross entry yield of the investment is calculated at 6.5%.
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 acquisition, on 15 April 2008, of a property, from ARXIKON S.A., which consists of a building of retail use with a total area of 1,747.50 sqm on a land plot with total surface area of 3,299.42 sqm. The acquisition cost was 3.15 m Euro and the transaction was financed by the funds raised from the share capital increase which took place during December 2007.
The property is located at Trikala municipality, on 65 Karditsas Street and is leased to AV Vassilopoulos S.A. with the lease contract expiring in 2028. The market value of the property is approximately 3.3 m Euro as valued by the Body of Sworn-In Valuers of Greece (SOE).
The gross entry yield of the investment is calculated at 6.5%.
It is noted that the Company has also published a relevant press release, as required by law.