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industrial Market News: Spanish Real Estate Intelligence

Pasal Development acquired a logistics centre in Aspropyrgos, Attica
The purchase announced by Pasal, amounting to €38 m, more than doubles the value of its real estate. This is the first major investment after the purchase of the majority of shares by the Greek-Swedish businessman Elias Georgiadis. The company proceeded with the acquisition after a survey of the domestic real estate market that took place in recent months. The company is expected to proceed with new purchases which will be financed with a new share capital increase in addition to the possibility of absorbing real estate that already belongs to the main shareholder of Pasal. According to the announcement, PASAL signed a preliminary agreement with the payment of the engagement amount of €1.5 m for the purchase of the 3 real estate logistic centres and warehouses located in Aspropyrgos, Attica. The properties fully leased to various tenants with a total built area (GLA) of 62,500 sq m. The transaction will be completed by the end of 2020 in conjunction with a Share Capital Increase of the Company and will be financed with Equity and bank lending (which is already approved). The acquisition is made in the context of the implementation of an investment plan which provides for the addition to the portfolio of the Company of high quality real estate with long-term leases. The logistics sector is a strategic choice of PASAL and intends to continue investing in this sector. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
TRASTOR REIC acquired Dorida Ktimatiki SA with total value of € 15.45m
Trastor REIC announced the acquisition of the 100% of the shares of a Société Anonyme under the corporate name “DORIDA KTIMATIKI S.A.”. DORIDA KTIMATIKI owns a logistics centre with a total surface area of 25,095 sq.m, located on a land plot of 62,761 sq.m in the area of “Roupaki” or “Melissia” in Aspropyrgos, Attica. The property is fully leased. The acquisition price for the shares of the company amounts to €9,505,477.36 while the total value of its asset amounts to €15.45 m. The transaction is financed from a bank loan. The CEO of the Company, Mr. Tassos Kazinos, made the following statement: “We expand our investments in a key pillar of the Greek real estate market, through the acquisition of a company and the addition of a high-end, state of the art, logistics centre. The Company’s investment interest focuses on the sector of logistics and their capability to further deliver added value. We thoroughly assess our investment steps and with consistency create a valuable portfolio comprised of high-quality assets. Key priority for the Company is to maximize returns for our investors, emphasizing our Company’s growth in a responsible manner”. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
BriQ Properties to develop a logistics centre
BriQ Properties REIC announced that on July 30th is has signed a contract for the construction of a modern logistics centre, with fire protection specifications of category Z3 and a total area of ​​20,764 sq.m. The logistics centre is being built on the neighboring plots acquired by the Company on 02.06.2020 in Aspropyrgos, Attica, with a total area​​ of 57,529 sq.m. The contractor's consideration will amount to € 9,625,585 and will be paid in instalments until the completion of the project which is in the fall of 2021. The investment will be financed from the funds raised during the recent increase of the Company's share capital. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis