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retail-shopping-centers Market News: Spanish Real Estate Intelligence

Brook Lane Capital purchases the South Polis mall

Brook Lane Capital placed the highest bid for the South Polis shopping mall which is owned by Alpha Bank. The mall was built by the B. Vovos Group.

Alpha Bank had announced a tender in December for the sale of Attica II AEP, which includes the 18 acre property in Paleo Faliro and two office buildings on Papanikoli Street in Chalandri. The highest bid was close to €30 m and was reportedly submitted by Brook Lane. Investment firms Trastor and Orilina were also among the bidders.

The net worth of the Attica II SA portfolio amounts to €23.8 m. The South Polis mall includes a complex that is leased to Village Multiplex and Jumbo. Brook Lane reportedly aims to turn the vacant lot of the property into office buildings.

Brook Lane has acquired by Alpha Bank in the past another property portfolio previously owned by the B. Vovou Group for €90 m.

The investment company also acquired last year a portfolio of office buildings, one of which was the 17,000 sqm complex leased by Vodafone Greece, on Ethnikis Antistaseos Street in Chalandri. It has also acquired a horizontal property of an office building in Kifissias Avenue 95 - 97 on the Attica Ring Road, a 24-26 office building in Kifissias Avenue leased by Samsung, an office building on Michalakopoulou str, leased by the insurance company AXA and a property in Metamorphosi leased by the Porsche dealership. Brook Lane had also acquired the building leased by Microsoft on Kifissias Avenue, for more than €10 m.

A few weeks ago, Eurobank announced that Brook Lane will purchase two portfolios of 370 properties totaling € 84m.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

LAMDA development surpassed €650 m share capital increase target

The results from the increase in the share capital of LAMDA Development were impressive.

According to the announcement, the increase of the share capital by paying cash with preference to the old shareholders was successfully completed by raising funds of € 650.000.098.

More specifically, the Growth was covered by approximately 1.1 times as the demand from investors reached 105,737,572 shares. There were no unsold shares resulting in the final share capital increase of 100.00%.

The Company's share capital increased by €29,104,482.00 with the issue of 97,014,940 new shares (nominal value of € 0.30 each). Thus, the Company's share capital amounts to € divided into 176.736.715 shares.

The new shares will be credited to the accounts of the beneficiaries and the commencement of trading on the ATHEX on a date that will be announced by the Company.

Original Source: Banks.com.gr

Adaptation/Translation: Kiki Athanasiadis

GEK Terna and Mohegan closer to the Elliniko Casino license after Hardrock’s elimination

Reportedly, in its recommendation to the Gaming Control and Supervision Committee, the Tender Committee has rejected Hardrock's proposal due to serious problems and shortcomings in its bid.

The Minister of Development and Investments, Adonis Georgiadis has been informed of this development, and is expected to be called to announce the contractor.

What remains to be determined is whether Hardrock will appeal with the prospect of overturning the result. An appeal must be filed within 10 days and a response to the appeal will be issued within 20 days.

Mohegan Gaming and Entertainment's proposal in collaboration with GEK TERNA for Elliniko Casino includes a luxury hotel, entertainment venues, conference center, shops, restaurants, casinos, and high quality services. The project is expected to help launch a new era of tourism development and economic prosperity for Greece and the entire region.

The building's flagship design is a creation of Steelman Partners, an international architectural firm specializing in the design and construction of IRC complexes.

The inspiration for the architectural design comes from Greece's architectural past, and in particular from Athenian statues and buildings, including the Acropolis and the Caryatids.

Much of the complex was designed to take advantage of Greece's preference for outdoor activities, so that almost all restaurants, bars and nightclubs will offer both indoor and outdoor experiences. Dining areas and shops will include internationally recognized brands as well as popular Greek products that emphasize traditional Greek customs.

According to the Minister of Development and Investment, A. Georgiadis, the commencement of works in Elliniko has been postponed and is expected to start in 2020.

Original Source: Athina 984

Adaptation/Translation: Kiki Athanasiadis