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offices Market News: Spanish Real Estate Intelligence

Prodea Investment acquired building in Athens

Prodea Investments has acquired a 5,462-square-metre office building in Athens, implementing its strategy to acquire commercial real estate with significant value add prospects. Prodea Management has not yet decided on the use of the property as its proximity to the Acropolis, the Athens centre and a subway station makes it ideal for both office and hospitality use after renovations. The building is situated on Syggrou 44 ave., and the acquisition price for it amounted to €5.9 million.

Prodea also continues its investment in logistics centres by acquiring the 100% of ILDΙM. ILDIM owns the logistics centre in Aspropyrgos area which was constructed in September 2019 and meets the most up-to-date logistics specifications. The total surface of the property is 5,069 sq.m. and is already leased to a trusted tenant. The acquisition price of the property amounted to €2.79 million. The acquisition of ILDIM’s shares was based on the Company's equity, taking into account the aforementioned consideration for the property.

Original Story: Capital

Adaptation/Translation: Kiki Athanasiadis

Briq completed the acquisition of building in Athens

Briq Properties REIC completed the acquisition of a building at Aeolou street, central Athens at the price of €6,5 million.

According to the announcement: “BriQ Properties R.E.I.C., further to the announcement made on 13.11.2019 for the signing of a preliminary contract,  announces  the  completion  of  the  acquisition  of  a stand-alone  mixed-use  building  in  Athens central commercial district at a price of €6.500.000. The building (office building with ground floor retail) of total surface 3.022,24 sq.m. comprises 7 floors, ground floor, mezzanine and basement. It is located at 67, Aiolou Str. in the Municipality of Athens and was fully renovated in 2009. The building consists of horizontal properties of total surface 2.547,46sq.m. and is 100% leased. The  above  investment was financed  by  existing  bridge  loan  facilities  which  will  be  repaid  from  the  net proceeds of the share capital increase that the Company has already announced”.

Original Story: Euro2day.gr

Adaptation/Translation: Kiki Athanasiadis

Briq Properties bought two properties for € 6.76 million

Infoquest Group's Briq Properties REIC invested 6.76m euros to boost its real estate investment portfolio. The most significant acquisition of the two is that of an office building that has commercial stores at the ground floor.

The building is located in the heart of Athens, on 67 Aeolou Street and the price for it (total built area 2,854 sq.m.) amounted to EUR 6.5 million. The property extends over seven floors, was fully renovated in 2009, and is 100% leased. According to Anna Apostolidou, CEO of the company, "We are looking for investment opportunities and real estate located in the historic center of Athens, which is dynamically upgrading, while at the same time undergoing a major redevelopment, both by the Municipality of Athens and by institutional and private investors".  This is the most expensive building acquisition to date for Briq Properties and is an example of the management's intentions, which plans to double the portfolio of the company in the near future.

In addition to the office building on Aeolou str, the company also announced the acquisition of a 518.4 sq.m. land plot at the "Agios Georgios" location on Paros island. The plot is adjacent to the Briq Properties Hotel Mr & Mrs White Paros, and is currently used to cover the car parking needs of the hotel. The cost of acquiring the land amounted to 260,000 euros.

Original Story: Kathimerini