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industrial Market News: Spanish Real Estate Intelligence

BriQ Properties purchased two plots in Aspropyrgos, Attica
BriQ Properties SA announced that on June 2, 2020, it proceeded with the purchase of two adjacent plots with a total area of ​​57,529 sqm located in Aspropyrgos, Attica. The total price for the purchase of the two plots amounted to €3,456,000. The company will develop a modern storage and distribution centre in the specific area. The investment was financed by the funds of the increase of the Company's share capital. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
Fourlis: New investments and enforcement of e-commerce to tackle the Covid-19 crisis
The Fourlis Group tackles the pandemic crisis with new investments, the development of e-commerce for all commercial activities, the strengthening of liquidity and initiatives for more efficient management of operating costs. In a teleconference with analysts to present the financial results of the first quarter of 2020, the management of Fourlis Group made it clear that this is a special year. Τhe main scenario is that there will be a decrease in sales compared to 2019, while it is possible that lending will increase slightly by about €20 m. The initiatives and actions to be implemented by the end of the year are aimed at halting the effects of the recession caused by the pandemic crisis, with CAPEX for 2020 estimated at €18 m. The management had announced a few days after the lockdown that the investment plan would not be canceled, as it estimated that the Group has a competitive advantage for the future. It may though cancel the opening of some stores. Fourlis Group (IKEA, Intersport, Athlete’s Foot) is one of the largest retailers in the domestic market and recorded a particularly high performance in the field of e-sales during the lockdown period. The Group plans to fully develop the e-sales channel in all countries where it operates (Greece, Cyprus, Bulgaria, Romania). To support e-commerce needs, it will expand the distribution center by 3,000 sq.m., an investment that is expected to be completed by the end of next July. At the same time, the Group plans to open the first medium-sized IKEA store, about 8,000 square meters, in Varna, Bulgaria, next September. In October, an IKEA store of 2,000 sq.m. in the center of Piraeus will start operating. About two years ago the company had operated an IKEA Pop-up store in Piraeus with positive performance. Today, all IKEA physical stores (five in Greece, one in Cyprus and one in Sofia) are operating. As for Intersport, the opening of three stores in Romania is expected in the near future. Regarding the reduction of expenses, the management of the Group stated that during the lockdown it came to an agreement with the owners of properties it rents in order to have special agreements, as well as with its main suppliers. In the near future there will be efforts to renegotiate rents. Finally, for the Group's real estate investment company, Trade Estates REIC, although there was a delay due to COVID-29, its opening is underway. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis
Noval REIC's three priorities in 2020

The transformation of the Piraeus street property into a complex for leisure and culture activities, offices, hotel and shops, the completion of the expansion of the River West Shopping Center in Kifissos, and the apartment building of 4,500 square meters in the Metz area are among the new developments of Noval REIC, the Viohalko Group real estate investment company.

The property on Piraeus Street covers an area of ​​approximately 73,000 sqm, and the buildings cover about 44,000 sqm. In collaboration with an internationally renowned architectural firm, Noval's administration is launching a project to build new 50,000-square-foot buildings within a leisure and green park.

With a portfolio of 41 properties with a total area of ​​429,900 sqm and worth € 298.5m, Noval is the second largest Greek real estate investment company (REIC). The company's annual rental income is projected to move close to €23.6 m this year.

The company's portfolio includes 14 industrial properties, 10 office buildings, five retail real estate, four hospitality properties and eight of other categories.

The most profitable property in terms of rent revenue is the one hosting the IKEA on Kifissou Avenue (30% of the revenue comes from that property), while 20% of the revenue comes from the Orbit office complex on Kifissias Avenue. 13% comes from 'River West'. In the fourth place is the building that houses the hotel "Wyndham Athens" on Karaiskaki Square (10% of rental income) and in the fifth place is the office building on Amarousiou-Halandriou 33 street. Next is the "Mare West" shopping center in Corinth, where expansion works have recently been completed.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis