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

Fortress purchased the loans of Haragionis Group
Fortress has agreed to purchase Haragionis Group's bank loans. This is the fifth agreement for the purchase of the Group's loans, which completes the restructuring of its loan liabilities. Following the acquisition of the group's loans by HSBC, Attica Bank, NBG and Piraeus Bank, Fortress agreed with Eurobank to purchase part of the Group’s debt to the bank. It took more than three years since Fortress came to an agreement with the Haragionis family to complete the gradual purchase of most of the group's debt obligations, with significant discounts from banks. Fortress now controls loans with a nominal value of over € 130 million and is the sole creditor of the Group. The loans of the other subsidiaries are either regulated or covered by collateral, following the forecasts made by the banks in the previous three years. In addition, there are small leasing contracts that are expected to be repaid within the next 12 months real estate cash flows. Fortress, since last year, has been boosting the group's working capital to run real estate upgrades, with minimal real estate sales. The landmark of the bailout process was the agreement with Piraeus Bank. After a complex deal, Fortress acquired a critical mass of Haragioni Group loans, while the rest were settled. In total, the cash and real estate received and to be received by Piraeus will cover the net book value of the loans (€ 39 m). After the formal rescue plan is completed, the group will focus on developing and upgrading its properties. Investments in the reconstruction, upgrading and extension of real estate have already begun or are underway, the most significant being in Citizens' Mansion Megaro Politi) in Piraeus, which is expected to be completed in May. Very significan is also the upgrade of the Park Lane office building on Patision street. In addition, works are underway at the Athenian Capitol in Ermion in Plaka and on the property of Kriezotou 11. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis
 
Eurobank acquired 4 hypermarkets at €117,06 m
Eurobank announced the acquisition of four properties, two hypermarkets in Athens and two in Thessaloniki, following a binding notarial agreement signed and announced a year ago by Grivalia Properties REIC. The properties have a total area of ​​ approximately 90,000 sqm and consist of main and underground auxiliary spaces. They are fully leased to the Sklavenitis Group. The price of the acquisition is €117.06 m, and, under the agreement, an additional payment of €2.1 m will be paid after a specific deadline and subject to specific conditions. The return on investment is close to 9%. Following its merger with Grivalia Properties, Eurobank owns over €2.1 bn worth of real estate portfolio and aims to optimally manage and develop it, obtaining the required expertise and experience through partnership with Grivalia Management. Original Source: Capital Adaptation/Translation: Kiki Athanasiadis
 
Pradera fund sells major commercial properties
Pradera has put up for sale two major commercial real estate properties: The Village Entertainment Park, a multifunctional amusement park established in 1999 in ​​Renti, Attica, and the Florida 1 business amusement park in Pylea, Thessaloniki. Pradera has been looking for buyers for months through the two tenders and the process is expected to be completed in the near future unless things change due to the COVID-19. The Village Entertainment Park is located at the intersection of Thivon Avenue and Petrou Ralli Street. The preferred investor is Bluehouse Capital. The bid range is between €17 m to 20 m. The sale is expected to be completed by the end of spring. The fund will invest another €4-5 m in renovations. Village Entertainment Park is located on a 42 sq km land plot, which includes a three-storey shopping mall with 45 shops, 20 cinemas, 1,800 parking spaces and an auditorium. Florida 1 Business Park in Pylea, Thessaloniki was built in 2000 on a ​​29.6 sq km land plot. Interest in the property has been expressed by Fourlis and Grivalia. Fourlis seems to be leading the tender. The lease area of ​​Florida 1 is occupied by some of the top retailers in the Greek market:  AB Vassilopoulos, Jysk and Kotsovolos chains. The property was acquired by Pradera in 2006 at the price of €40 m. The sell price is reportedly approximately the same.