(Visited 33 times, 1 visits today)
(Visited 28 times, 1 visits today)
(Visited 64 times, 1 visits today)
(Visited 88 times, 1 visits today)
(Visited 58 times, 1 visits today)
(Visited 40 times, 1 visits today)
(Visited 163 times, 1 visits today)
(Visited 79 times, 1 visits today)
(Visited 139 times, 1 visits today)
(Visited 17 times, 1 visits today)

residential Market News: Spanish Real Estate Intelligence

Hellenic Bank sold the most expensive house of its RE portfolio

Hellenic Bank sold the most expensive house of its RE portfolio

The property is a large mansion on the municipal boundaries of Lakatamia, and it was sold to foreign investors for €3,070,000. It consists of a luxury villa in a ​​14,542 sqm land plot. The villa includes an enclosed area of ​​1,019 sqm, with swimming pool, garage, covered terraces and service rooms. The mansion consists of two floors and an attic and is currently rented to an embassy with a satisfactory rent. The luxury house was built 7 years ago. Original Source: Reporter.com.cy Adaptation/Summary: Kiki Athanasiadis
 
Intercontinental REIC's 2019 transactions certify the rise of the Greek RE market

Intercontinental REIC's 2019 transactions certify the rise of the Greek RE market

Intercontinental-International REIC recorded significant gains from three real estate sales in 2019. The transactions certify the rise of the real estate market at least until the advent of the pandemic. Last year the company, which owns a real estate portfolio worth €94.2 m, had the following profits from sales:
  • €95,000 from the sale of an apartment of 98.6 sq.m. at 44 Fokianou Street in Athens, which had been bought in May 2018 for €145,000.
  • €209,000 from the sale of two apartments with an area of ​​191.18 sq.m. and 199.2 sq.m. on the ground floor and the first floor respectively, at the junction of Monis Asteriou & Daidalou Streets in Plaka and were acquired in March 2018 for - €640,000.
  • €700,000, from the sale of a building, with a total area of ​​2,574.81 sq.m., at the junction of Vouliagmeni Avenue 115-117 with Ilia Iliou str, in Athens. Intercontinental REIC acquired the property in June 2017 for €741 m.
The sale of the above properties at prices 70% higher from purchase prices, reveals the increase of prices during the recent years, especially in the center of Athens. However, the pandemic crisis is expected to affect real estate prices, and it will all depend on how stable the economy is. According to the company's management, the outlook for 2020 was particularly positive in the first two months of the year, while Intercontinental expected an increase in its portfolio of €40 m based on its investment plan. Due to the pandemic though, of which the impact cannot yet be assessed with certainty, the REIC will be very careful before proceeding to any new investment. According to the management of the company, the solvency of the tenants and the low operating costs have shielded the robustness of the projected finances for 2020. As for the properties that are in the negotiation stage, REIC has already reduced the prices offered. 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
 
Previous Entries