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All Assets News: Spanish Real Estate Intelligence

Strong investor interest in former military camp in Athens

Today is the last day for the submission of bids for the 50-year lease of the PLESSA MICHAIL camp on Mesogeion Avenue, Athens. The tender is held by the Greek Armed Forces Real Estate Service and reportedly there has been a strong interest by developers and RE companies.

The property is a total surface of 18.6 sq km with 22 buildings and can be used for the construction of office complexes, hotels and even residential buildings.

Investors are concerned though for time building permits' take to be issued as well as for the relocation time for the services currently housed in the former camp. The letter of guarantee (€1.6 m) is also considered as high.

The former camp is owned by the National Defense Fund, and has a total area of ​​18,643 square meters. The total area of ​​the 22 buildings reaches 7,582 sq.m.

The tenant will be given permission to demolish existing buildings and build a new complex with the approval of the Fund. The Fund will set the timetable, the supervising engineer and the Supervisory Monitoring Committee.

The starting price of the electronic bidding is of Ε 1.6 m per year and the five-year lease adjustment rate equal to 100% of the change in the Consumer Price Index on the monthly lease formed.

The revaluation may not be less than 5% of the rent for each five-year period. The term of the lease is 50 years from the date of signing the lease, with the right to extend it for another ten years.

The Declaration states that "due to the substantial costs required by the lessee to rebuild, reconstruct and relocate units and services and the cost of investment and licensing they do not have to pay the rent for the first year of the lease, and for the next four years they can pay 50%”.

The Armed Forces Real Estate Service is preparing to launch another major tender for the lease of a neoclassical building on Akadimias 31 str, downtown Athens.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

BriQ purchases retail store in Rethymno

The property with a total surface of 782.31 sq.m. is located at 8 Giamboudaki Street in Rethymno, Crete and is leased by a well-known retail chain.

It is a ground floor store with a mezzanine and basement and the price for the acquisition was €1,127,800.

The investment was financed by the net proceeds of the Company's share capital increase that ended last December.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

Eurobank puts up for sale €50 m RE portfolio

Europbank prepares for sale a portfolio of privately owned and recovered real estate in an effort  to reduce the volume of real estate held in its books.

The portfolio will consist of much small-value real estate (offices, shops, small industries and residential properties) with a current market value of over €50 m. The size has not yet been finalized as some of the more valuable assets may also be included to make the portfolio more attractive.

The tender is expected to start in March and it be completed within the year.

After the acquisition of Grivalia, the property management of the Eurobank group has been taken over by Grivalia Management Co. Grivalia Management is actively managing sales and purchases of new properties.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis