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alternative Assets News: Spanish Real Estate Intelligence

Sigalas Winery purchased by shipowner

A company owned by the Martinos shipowner family has reportedly acquired about 60% of the well-known company "Sigalas Winery SA". The price of the transaction completed last month is estimated at €2.3 m.

The remaining 40% is still held by "Kyr-Yiannis SA". There has already been a change in the composition of the Board of Directors, with Stelios Boutaris assuming the position of Chief Executive Officer.

"Sigalas Winery SA" was founded in 1991 under the name SIGALAS WINERY LTD. A new unit for the production, bottling and aging of wines was built and operated in 1998 in a privately owned space, while in 2003 the company's shareholding was expanded. Since then, and with continued investment, today's production infrastructure reaches 300,000 bottles per year. The company's wines are exported to Germany, France, Belgium, Austria, the Netherlands, the UK, Cyprus, Switzerland, Hong Kong, Shanghai, Sweden, Singapore, Australia, Brazil, USA and Canada.

In 2018, Sigalas Winery reported sales of €3.4 m. Reportedly, the fiscal year 2019 ended with sales declining to €2.9 m, with a positive outlook.

Original Source: Capital.gr

Adaptation/Translation: Kiki Athanasiadis

Insurance fund prepares lease tenders for several properties

The Greek Auxiliary Insurance Fund has kicked off tenders for several of its Real Estate properties.

The tender for the five-storey building of 8.5 sqkm at 41 Stadiou Street in Athens stands out. The building was leased in the past by Fokas Shopping Centre, that went bankrupt. The tender is set to close on March 19th.

The Fund has also leased the building on 65, Socrates Street in Athens to the Ministry of Tourism. Reportedly there is also a bidder for the building at the junction of 58 Stadiou and Aeolou Streets, for 30-year long leasing.

Meanwhile, the Fund has launched a tender to select a valuator for the following properties:

- Corner shop at 10 Othonos and Amalia streets, Athens, with a total gross floor area of ​​432.13 square meters (basement of 137.65 sqm, ground floor of 136.10 sqm and loft of 158.38 sqm),

- First floor of a property on 10, Othonos Street and Amalias Street, Athens, with a total area of ​​958.00 sqm,

- Fifth floor (whole) of the mansion on Ermou Street 2, Syntagma Square in Athens,a  total area of ​​525.00 sqm, leased to Turkish bank Ziraat bank.

- Land plot at the location "Vrisi Tsia”, 69,018 square meters, containing buildings of a total area of ​​approximately 1,430 square meters, as well as sports facilities, sports fields, etc., used as a children's camp, today out of service,

- Independent 7-storey property, with basement, ground floor, mezzanine, an extra smaller  8th floor and roof-room, on 28 Chalkokondylis Street, Athens, where PPC services are located, with a total floor area of ​​2,293.07 square meters and total gross floor area of ​​3,482.18 square meters,

- Independent 7-storey property, with basement, ground floor, extra smaller 8th floor, and roof-room, on 51, Amerikanikou Erithrou Stavrou 51 and Vassiliou Kavaliotou Street, in Kavala city, with total area of ​​9,071 sqm, currently vacant,

- Independent 7-storey property, with basement, ground floor and 7 floors, on Akti Miaouli street 17 - 19, Piraeus, with a total surface area of ​​4,066,17 sqm,

- Ground floor store of 66,23 sqm, with a loft of 25.20 sqm, at 2 Filellinonou str and Akti Miaouli 63 street in Piraeus, operating as a restaurant,

- Plot, at 71 Filonos Street in Piraeus (near the Judicial Palace), total area of ​​313 square meters, which functions as a parking lot,

- First floor of property, on Boukouvala 5A Street, Athens, with a total surface area of ​​108 square meters.

Original Source: Capital

Adaptation/Translation: Kiki Athanasiadis

Eurobank puts up for sale the loans of A. Vardinogianni

Eurobank is preparing a tender for the sale of Varmin SA’s loans. Varmin is controlled by Amalia-Anastasia Vardinoyannis.

The bank has already explored investor interest, announcing that it intends to run a fast-track procedure for the sale assets worth €90 m.

A look at Varmin SA's latest financial statements shows the following:

At the end of 2016, the company had negative equity, low turnover and had an outstanding loan of €24.8 m. For this loan, the bank had foreclosures on 14 properties owned by the company, totaling €17.9 m. In addition, a pledge of 50,000,000 shares of ANEK, owned by VARMIN SA, was filed to secure Eurobank's claims.

However, VARMIN has also provided guarantees for loans from Eurobank to a Cypriot company, controlled by a shareholder. The first loan amounted to € 40.6 m and Eurobank has foreclosures on 14 real estate properties owned by the company for the amount of € 10 m. The second loan is €9.5 m with a mortgage of € 7 m on the same 14 properties.

There were also personal guarantees for these loans, which is probably why Eurobank attempted to auction Amalia-Anastasia Vardinoyannis’ residence several months ago.

Amalia-Anastasia Vardinoyannis controlled 26.62% of ANEK through VARMIN SA.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis