GRIVALIA PROPERTIES R.E.I.C.
New organizational structure and acquisition of eleven properties for a total consideration of euro17.1million.
Following the Board of Directors of Eurobank Properties REIC (the Company) decision dated 03.06.2008 to incorporate in-house a significant number of activities relating to the analysis and realization of its investments as well as managing its real estate portfolio aiming to further enforce the Company's independence, the General Meeting of the Shareholders decided today the following:
- The termination with no termination fee of the agreement for managerial and consulting services with EFG Eurobank Ergasias S.A. Τhe initiation of an agreement with Eurobank Property Services for technical support services of its real estate property, technical support services of consulting and managerial nature, and agency services for the completion of acquisition or sale agreements of real estate property. The agreed monthly fee for technical support services is 2.5% on rentals received.
- Approved the acquisition of eleven properties (retail, offices) in prime areas and of high commercial value from EFG Eurobank Ergasias S.A. The total consideration amounted to Euro 17.1 million for approximately 7,300 sqm. The market value of the portfolio as estimated by the Body of Sworn-In Valuers of Greece (SOE) is Euro 17.8 million. All properties will be leased to companies of EFG Eurobank Group (Bank and Subsidiaries). The average yield of the investment is 6.7% annually readjusted. This investment will be financed through the share capital increase that took place during December 2007.
The new operational and organizational structure is fully aligned with the strategic vision of the Company, which is being the leader in the developments of the commercial properties sector in Greece and Easter Europe, creating shareholder value, and at the same time aiming to provide high dividend yields.
- The termination with no termination fee of the agreement for managerial and consulting services with EFG Eurobank Ergasias S.A. Τhe initiation of an agreement with Eurobank Property Services for technical support services of its real estate property, technical support services of consulting and managerial nature, and agency services for the completion of acquisition or sale agreements of real estate property. The agreed monthly fee for technical support services is 2.5% on rentals received.
- Approved the acquisition of eleven properties (retail, offices) in prime areas and of high commercial value from EFG Eurobank Ergasias S.A. The total consideration amounted to Euro 17.1 million for approximately 7,300 sqm. The market value of the portfolio as estimated by the Body of Sworn-In Valuers of Greece (SOE) is Euro 17.8 million. All properties will be leased to companies of EFG Eurobank Group (Bank and Subsidiaries). The average yield of the investment is 6.7% annually readjusted. This investment will be financed through the share capital increase that took place during December 2007.
The new operational and organizational structure is fully aligned with the strategic vision of the Company, which is being the leader in the developments of the commercial properties sector in Greece and Easter Europe, creating shareholder value, and at the same time aiming to provide high dividend yields.