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land Market News: Spanish Real Estate Intelligence

BriQ Properties purchased two plots in Aspropyrgos, Attica

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
 
Public Properties Company reached an agreement with FULGOR SA

Public Properties Company reached an agreement with FULGOR SA

The Greek Public Properties Company (ETAD SA) announced the signing of the contract with FULGOR SA Hellenic Cable Industry for the sale of a property at Loutraki, in Corinthia. The property borders the existing operating industrial unit of FULGOR SA, which aims to expand the production, sales, and to increase employment in the region. FURGOR announced a recruitment program after the acquisition of the property. Despite the difficulties caused by the pandemic crisis, ETAD SA has completed all necessary procedures for the mutually beneficial agreement. FULGOR had initially expressed interest in the property since 2012. The first discussions did not end well and the interest was renewed in 2018 but again there was no response from the Greek State. The new management of ETAD SA completed the procedures and reached an agreement within a short time. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis
 
Dolphin Capital: €244 m deals since 2016 - The coronavirus effects

Dolphin Capital: €244 m deals since 2016 - The coronavirus effects

From 2016 to date, Dolphin Capital Investors (DCI) has made a total of six transactions worth €244 m, implementing its asset sales program. According to the company's 2019 financial report, this program, which aims to return capital to shareholders, has reduced DCI's borrowing by €210 m and continues in the midst of the new data created by the pandemic, with its validity being extended until 31 December 2021. However, according to the DCI management, the coronavirus affects the pace of construction work, as well as the process of selling land and homes in projects being developed or affiliated with the Cypriot subsidiary Aristo Developers. Although DCI is unable to estimate the consequences of the pandemic crisis, it is reducing costs. Due to restrictions on travel, the pace of implementation of construction work that began in the second half of 2019 at the resort will be slowed down. The hotel complex is set to open in the summer of 2021, but whether that goal will be achieved will depend on a mix of government restraint measures. To date, the internal road network of the project has been completed, as well as the construction of one third of the rooms, with the main building being developed. At the end of December, DCI reached an agreement with an international investor for the financing of the Kilada Hills Golf Resort in Porto Heli (€12 m), the amount being paid in 24 monthly installments. Under the agreement, the investor will acquire 15% of the company's share capital controlled by Kilada Hills, while in conjunction with the €10 m financing agreement from Grivalia Hospitality, the first phase of the project, worth €418 m, is secured, according to the financial report. In the second quarter of 2020, a tender will be held for the selection of a contractor who will undertake the construction of the golf course, as well as the implementation of the required infrastructure projects. With preliminary work already underway, growth is expected to be completed in the summer of 2022. DCI has assets of €226 m, net borrowing of €7 m, cash available €3 m, while administrative costs have fallen by 30% to €4 m. Original Source: Capital Adaptation/Summary: Kiki Athanasiadis
 
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