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industrial Market News: Spanish Real Estate Intelligence

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
BriQ Properties purchased two plots in Aspropyrgos, Attica
BriQ Properties SA announced that on June 2, 2020, it proceeded with the purchase of two adjacent plots with a total area of ​​57,529 sqm located in Aspropyrgos, Attica. The total price for the purchase of the two plots amounted to €3,456,000. The company will develop a modern storage and distribution centre in the specific area. The investment was financed by the funds of the increase of the Company's share capital. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
Fourlis: New investments and enforcement of e-commerce to tackle the Covid-19 crisis
The Fourlis Group tackles the pandemic crisis with new investments, the development of e-commerce for all commercial activities, the strengthening of liquidity and initiatives for more efficient management of operating costs. In a teleconference with analysts to present the financial results of the first quarter of 2020, the management of Fourlis Group made it clear that this is a special year. Τhe main scenario is that there will be a decrease in sales compared to 2019, while it is possible that lending will increase slightly by about €20 m. The initiatives and actions to be implemented by the end of the year are aimed at halting the effects of the recession caused by the pandemic crisis, with CAPEX for 2020 estimated at €18 m. The management had announced a few days after the lockdown that the investment plan would not be canceled, as it estimated that the Group has a competitive advantage for the future. It may though cancel the opening of some stores. Fourlis Group (IKEA, Intersport, Athlete’s Foot) is one of the largest retailers in the domestic market and recorded a particularly high performance in the field of e-sales during the lockdown period. The Group plans to fully develop the e-sales channel in all countries where it operates (Greece, Cyprus, Bulgaria, Romania). To support e-commerce needs, it will expand the distribution center by 3,000 sq.m., an investment that is expected to be completed by the end of next July. At the same time, the Group plans to open the first medium-sized IKEA store, about 8,000 square meters, in Varna, Bulgaria, next September. In October, an IKEA store of 2,000 sq.m. in the center of Piraeus will start operating. About two years ago the company had operated an IKEA Pop-up store in Piraeus with positive performance. Today, all IKEA physical stores (five in Greece, one in Cyprus and one in Sofia) are operating. As for Intersport, the opening of three stores in Romania is expected in the near future. Regarding the reduction of expenses, the management of the Group stated that during the lockdown it came to an agreement with the owners of properties it rents in order to have special agreements, as well as with its main suppliers. In the near future there will be efforts to renegotiate rents. Finally, for the Group's real estate investment company, Trade Estates REIC, although there was a delay due to COVID-29, its opening is underway. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis