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, 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 289 of the ATHEX Regulation) upon the realisation of the relevant investments and to comply with all its regulatory obligations.
In this context and by enforcing the relevant preliminary agreement dated August 31, 2007, the Company announces a further step in the materialisation of its investment plan via the conclusion of the final agreement, dated June 4, 2008, for the purchase of 99.99% of the shares of the Romanian joint stock company Retail Development S.A., owner of a retail building of total GBA 8,980 sq.m., built on a land plot of total area of 23,075.58 sq.m., for a consideration of euro 14.50 million that was calculated on a debt and liability free basis. Due to the existence of liabilities and debts, the price to be paid amounted to euro 4.15 million. The Company had already paid an advance of euro 2.90 million at the date of the signing of the preliminary agreement, whereas the remaining amount of euro 1.25 million was paid at the date of the signing of the final share purchase agreement and was financed by the funds raised from the recent share capital increase which took place during December 2007.
The property is located at 113, Tudor Vladimirescu in Iasi, Romania and is leased to S.C. Praktiker SRL with the lease contract expiring in 2023, with an additional option of three successive renewals of the lease contract with the same terms (each for a five-year period).
The market value as estimated by the Body of Sworn-In Valuers of Greece (SOE) is euro 14.57 million.
It is noted that the Company has also published a relevant press release, as required by law.