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real-estate-news Market News: Spanish Real Estate Intelligence

Motor Oil acquired a portfolio of solar parks for  €45.8 m

Motor Oil, the leading petroleum refining Group in Greece and a leading force in the whole SE region, acquired a portfolio of solar parks for €45.8 m. The parks are located in Northern and Central Greece and have a total capacity of 47 MWH.

The transaction took place through Motor Oil's subsidiary TEFORTO HOLDINGS LIMITED. TEFORTO acquired the shares of RADIANT SOLAR HOLDINGS LTD and GREENSOL HOLDINGS LTD which were held by METKA-EGN LTD, a subsidiary of MYTILINEOS SA. According to the announcement, the acquisition is part of the MOTOR OIL Group's strategy for further penetration in the field of Renewable Energy Sources.

The solar parks were put into operation in the second half of 2019, with prices secured under a 20-year electricity sale contract with the Renewable Energy and Origin Guarantee Manager.

MYTILINEOS's RSD Business Sector has a portfolio of photovoltaic projects totalling approximately 540MW in markets such as Australia, UK, Spain, Cyprus, South Korea, Mexico, with a view to development, construction and sale of at least 1500 MW of solar parks and energy storage systems over the next five years.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

Trastor acquired a logistics center in Magoula, Attica

Trastor REIC has announced that the acquisition of the professional warehouse in Magoula, Aspropyrgos, has been completed. The company had been appointed bidder for the acquisition of the property on the 19th of September, last year.

The total area of ​​the property is 4,925 sqm, and the price offered by the Company amounted to €1.1 m.

Last week, Trastor released its 2019 Investment Statement. According to that, the Company made 13 new investments in commercial real estate. As of December 31, 2009, the company's investment property portfolio included 54 properties valued at €168.1 million.

In addition, the Company invested in shares of four public limited companies with a privately owned office building each. The total valuation value of the 58 investment properties of the Group (the Company and its subsidiaries) amounted to EUR 200.7 million.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

The Greek Public Power Corporation won the tender for the former military camp in Athens

PPC, the Public Power Corporation in Greece is preparing to leave its headquarters on Halkokondyli Street, Athens and settle in the former "Michail Plessas " military camp at 211 Mesogeion Avenue. PPC won the online tender for the 50-year lease of the former camp.

PPC submitted the highest bid for the property of 18.6 sq km with 22 buildings. The tender provided for a minimum starting price of €1.6 m as an annual total rent and a five-year lease adjustment rate equal to 100% of the change in the Consumer Price Index on the monthly rent being formed.

PPC intends to construct a flagship building, which will be a landmark for the area. The new building sites will mark the company's shift to "green" activities. It will be of high energy efficiency and will probably be powered by Renewable Energy Sources.

During the first five years of the lease, PPC will also have the right to pay rent on preferential terms. As the declaration stated that "due to the substantial costs required by the lessee to rebuild, reconstruct and relocate units and services and the cost of investment and licensing they do not have to pay the rent for the first year of the lease, and for the next four years they can pay 50%”.

In addition, the public company will be fully responsible for covering the costs of relocating and operating the military units and other services currently stationed at the camp, with its own exclusive costs. The evacuation of the camp will take place within 12 months of the signing of the contract.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis