Premia Properties builds on a €1B portfolio
Premia Properties builds on a €1B portfolio

Premia Properties builds on a €1B portfolio

The offering is expected to be finalized by mid July.
Ειρήνη Θεοφανίδου

Premia Properties share capital increase is on track with a fast pace for the offering.

According to what the company's management told reporters, the Public Offering is estimated to take place between the second to third week of July as the prospectus for the share capital increase has been already submitted to the Hellenic Capital Market Commission and is expected to be approved at the beginning of the month.

It is noted that Sterner Stenhus, the main shareholder and a Greek-Swedish businessman's Elias Georgiadis firm, will cover at least €5.5 million of the increase through cash payment.

"Premia is building on the foundations that will enable the firm to be transformed into REIC, aiming to have within the next three years assets of c.€300million and within the next five years to have a portfolio of total value of c.€1billion." Mr. Konstantinos Markazos, Premia's Managing Director said.

The main goal of the management and Premia's key shareholders -who will also serve its broader plan of conversion into REIC- is the expansion of the company's free float to levels above 50%, with new shareholders entering the share capital. The company has also referred to international investors.

Regarding the increase, it is reminded that it will be proceeded with a contribution of 7 properties with a total value of €54.6 million (through contribution of shares of the 6 companies that operate the properties). In addition the company will issue bonds that will reduce the Premia's debt by € 4 million and in cash, up to the amount of € 47.5 million.

 In particular, Sterner Stenhus Greece - a company representing businessman's I. Georgiadis interests, will contribute 11.982,05 sqm logistic proeprties, located in Aspropyrgos, Attica, two other logistic properties in Mandra, Attica and Aspropyrgos, retail properties of c.6.000sqm area, other logistics of c.36.500sqm located in Sindos-Chalastra and Eleusina, Attica.