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alternative Assets News: Spanish Real Estate Intelligence

Piraeus’ landmark tower to get a 99-year lease and a facelift
Prodea Investments and Cante Holdings Ltd announced the signing of the 99-year concession for Piraeus Tower, one of the most emblematic commercial buildings in Piraeus. The concession has been granted by the Municipality of Piraeus to Piraeus Tower S.A., a joint venture between Prodea Investments and Cante Holdings, for an initial annual consideration of €1,010,000. Prodea Investments holds a 30% stake in Piraeus Tower S.A. whereas Cante Holdings Ltd holds 70%. Cante Holdings Ltd is a joint venture between Dimand Group (65%) and EBRD (35%). The 22-story tower, the municipality’s largest asset, has been in disuse for over 45 years Piraeus Tower is the second tallest building in the wider region of Attica. It is an iconic 24-story building overlooking the largest port of Greece. The concession marks the beginning for the full reconstruction of Piraeus Tower and its transformation into a modern energy sustainable office and retail building with an above ground surface of 29,000 sqm and 3,500 sqm of basements. The project is expected to be completed by Q1 2023. The total investment is in the region of €50 m. This landmark project, in combination with the wider action plan of the Piraeus Municipality that aims to redevelop the area and the investment plan of Piraeus Port Authority, will contribute to the further improvement of the urban landscape, the increase of visitors and the overall financial development of Piraeus. PILA has been announced as the winner of an international competition to redesign the façade of building. The tower was built in 1975 and was originally designed by architects I. Vikelas, G. Molfesis and A. Loizou. Often referred to as the ‘sleeping giant’, the abandoned structure has in fact never been occupied except for the first three floors. According to PILA the company seeks to transform the existing architecture into a contemporary and dynamic landmark for the burgeoning Piraeus district. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
 
Amazon Web Services to open a subsidiary office in Greece
Amazon Group is reportedly preparing a local office in Greece. The office will be part of one of its main activities. More specifically, the company "Amazon Data Services Greece SA" has already been established and has its headquarters at 280 Kifisias Avenue in Chalandri. The company is managed by Tony Van den Berge, CEO of EMEA Partnerships) at AWS. AWS is the subsidiary of Amazon, providing cloud solutions and services to businesses and organizations around the world. At the beginning of 2020 there was an increase in the share capital of the Greek company, which reached €2,964 m (it was initially introduced at 50 thousand euros), which means that it is likely that the Greek office will be operational by 2020. AWS Greece will most likely be involved with the support of companies and organisations that already use its ckoud services. In fact, last February, AWS announced the launch of an Amazon CloudFront Edge site in Athens, uniting Greece and Southeast Europe on Amazon Web Services' global network. For this specific investment, there was also a meeting of the Minister of Digital Government, Kyriakos Pierrakakis, with high-ranking AWS executives. A memorandum of cooperation was signed, at this meeting with an emphasis on cooperation between the two parties in the areas of digital governance, digital skills, digital infrastructure and innovation, with the aim of supporting digital modernization in Greece. What has not been clarified is whether the creation of Amazon Data Services Greece is the first step in expanding Amazon in Greece. In the last two years, there have been several rumors that Amazon, the world's most popular e-commerce platform, is considering setting up logistics facilities in Greece, and specifically at the area of ​​Thriasio Pedio in Attica. Original Source: MoveD.gr Adaptation/Summary: Kiki Athanasiadis
 
How much did the lockdown cost to Lamda Development
The 66-day long lockdown caused a loss of revenue for Lamda Development due to the novel coronavirus restriction measures. However, the listed company responds with the positive contribution to the size of the Golden Hall expansion, and the start of works at Elliniko. According to the company's presentation at the 9th Greek Investment Forum in New York, total revenue losses due to the suspension of its malls amounted to €11.7 m, with net income after taxes and minority rights falling by €8, 1 m or 0.046 euros per share. The reduction of income from March to June accounts for 54.5%, compared to projected revenues. These losses are attributed to a 40% discount on rents in March and June, which rose to 70% in April and May. For 2021, Lamda Development has as leverage the projected increase in rents and the increase in rental revenue, as well as the rise in advertising revenue, the exploitation of parking spaces and the expansion of Golden Hall, which is estimated tohave a significant impact on financial figures. Its shopping malls account for 6.8%, compared to 4.75% in Lisbon and Madrid and 5% in Milan, with the European average at 4.57%. The company estimates that on an annual basis, a possible 4% increase in operating profitability from retail sales would lead to an increase in domestic net worth to around € 30 million. The size of the listed, additional value is expected to be created by the contribution of Mall Athens to the company Lamda Malls and its listing on the stock market within the next two years. For the Metropolitan Intervention in Elliniko, Lamda estimates that the preliminary works will start by the end of the month, while the transfer of the shares of Elliniko SA is expected to take place in the fall of 2020. Elliniko corresponds to an investment of €8 bn euros, the first phase is €2 bn, the estimated capital expenditure (Capex) is €7 bn, of which €1.5 bn corresponds to the first phase of Capex. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis