(Visited 13 times, 1 visits today)
(Visited 47 times, 1 visits today)
(Visited 23 times, 1 visits today)
(Visited 19 times, 1 visits today)
(Visited 71 times, 1 visits today)
(Visited 10 times, 1 visits today)
(Visited 61 times, 1 visits today)
(Visited 55 times, 1 visits today)
(Visited 142 times, 1 visits today)
(Visited 73 times, 1 visits today)

land Market News: Spanish Real Estate Intelligence

Public Properties Company reached an agreement with FULGOR SA
The Greek Public Properties Company (ETAD SA) announced the signing of the contract with FULGOR SA Hellenic Cable Industry for the sale of a property at Loutraki, in Corinthia. The property borders the existing operating industrial unit of FULGOR SA, which aims to expand the production, sales, and to increase employment in the region. FURGOR announced a recruitment program after the acquisition of the property. Despite the difficulties caused by the pandemic crisis, ETAD SA has completed all necessary procedures for the mutually beneficial agreement. FULGOR had initially expressed interest in the property since 2012. The first discussions did not end well and the interest was renewed in 2018 but again there was no response from the Greek State. The new management of ETAD SA completed the procedures and reached an agreement within a short time. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis
 
Dolphin Capital: €244 m deals since 2016 - The coronavirus effects
From 2016 to date, Dolphin Capital Investors (DCI) has made a total of six transactions worth €244 m, implementing its asset sales program. According to the company's 2019 financial report, this program, which aims to return capital to shareholders, has reduced DCI's borrowing by €210 m and continues in the midst of the new data created by the pandemic, with its validity being extended until 31 December 2021. However, according to the DCI management, the coronavirus affects the pace of construction work, as well as the process of selling land and homes in projects being developed or affiliated with the Cypriot subsidiary Aristo Developers. Although DCI is unable to estimate the consequences of the pandemic crisis, it is reducing costs. Due to restrictions on travel, the pace of implementation of construction work that began in the second half of 2019 at the resort will be slowed down. The hotel complex is set to open in the summer of 2021, but whether that goal will be achieved will depend on a mix of government restraint measures. To date, the internal road network of the project has been completed, as well as the construction of one third of the rooms, with the main building being developed. At the end of December, DCI reached an agreement with an international investor for the financing of the Kilada Hills Golf Resort in Porto Heli (€12 m), the amount being paid in 24 monthly installments. Under the agreement, the investor will acquire 15% of the company's share capital controlled by Kilada Hills, while in conjunction with the €10 m financing agreement from Grivalia Hospitality, the first phase of the project, worth €418 m, is secured, according to the financial report. In the second quarter of 2020, a tender will be held for the selection of a contractor who will undertake the construction of the golf course, as well as the implementation of the required infrastructure projects. With preliminary work already underway, growth is expected to be completed in the summer of 2022. DCI has assets of €226 m, net borrowing of €7 m, cash available €3 m, while administrative costs have fallen by 30% to €4 m. 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