Briq Properties purchases Mr & Mrs White hotel in Corfu
“Mr & Mrs White Corfu” will be the third property of Mr & Mrs White's boutique hotels chain acquired by BriQ Properties, which, upon completion of the acquisition, will have a total of 147 rooms in Paros, Tinos and Corfu.
BriQ Properties REIC announced that it has signed a notarial agreement to purchase the “Mr & Mrs White Corfu” hotel.
"Mr & Mrs White Corfu" is located on the north side of Corfu, in the Acharavi area, 600 meters from the beach. It consists of 38 furnished rooms and suites totaling 1,237 sqm and was renovated in 2018. The complex features a 150 sqm pool, jacuzzi and tennis court. It is built on a plot of 13,876 sq.m.
The acquisition price for the property and hotel equipment amounts to € 3,000,000.
The contract for the acquisition of the property is expected to take place at the beginning of 2020 as the property is currently subjected to legal and technical scrutiny and appraisal.
On the contract signature day, the Company will lease the property to Hotel Keys Monopoly SA, a subsidiary of HotelBrain SA.
This investment will be financed by the proceeds of the Company's share capital increase.
As already announced by the Company, as of September 2019 it has invested a total of € 10.7 million to purchase 5 properties that have been financed by the Company's existing lending lines and will be repaid from the increase of the of the share capital.
To date, including today's prelimenary contract, the Company's total investments to be financed from the share capital increase amount to €13.7 million.
Original Source: Euro2day
Translation/Adaptation: Kiki Athanasiadis