In particular the REIC during the first semester of 2021, proceeded with the below investments which contributed to the dispersion of the Group's real estate portfolio:
On January 22, 2021, the Company concluded the acquisition of 47 parking spaces with a total area of 507.6sqm on a property located at 44 Kifisias Anenue, Maroussi, Attica. The consideration for the acquisition of the property amounted to €367 while the fair value of the property at the date of the acquisition, according to the valuation performed by the independent statutory valuers, amounted to €402.
On February 19, 2021, the Company concluded the acquisition of a property with a total area of 2.4 thousand sqm located at 377 Syggrou Avenue, Athens. The consideration for the acquisition of the property amounted to €3,100 (excluding acquisition costs of €54) while the fair value of the property at the date of the acquisition, according to the valuation performed by the independent statutory valuers, amounted to €3,790. From the total consideration, an amount of €775 was paid on the same day while the remaining amount was paid on April 1, 2021.
On February 25, 2021, the subsidiary Picasso Fund acquired a property used as offices and parking spaces in Milan, Italy, of a total area of 11.1 thousand sqm. The greatest part of the property is already leased to creditworthy tenants. The consideration for the acquisition of the property amounted to €19,000 (excluding acquisition costs of €620) while the fair value of the property at the date of the acquisition, according to the valuation performed by the independent statutory valuers, amounted to €22,000. From the total consideration, an amount of €7,600 was paid on the same day and the remaining amount will be paid within 12 months from the date of the acquisition (Note 20). To secure the deferred payment, Picasso Fund submitted to the seller an irrevocable letter of guarantee issued by Intesa Sanpaolo S.p.A.
On March 26, 2021, the Company proceeded with the acquisition of a majority stake of 80% of the shares of the company CI Global RE S.a.r.l. SICAF-RAIF, (hereinafter "CI Global"), in Luxembourg (representing 46.2% of the CI Global's economic rights). CI Global owns the units of Fondo Tarvos - Fondo Comune di Investimento Alternativo Immobiliare di Tipo Chiuso Riservato (hereinafter ''Tarvos Fund'') which owns 11 commercial properties in Italy. The fair value of the properties at the date of the acquisition, according to the valuation performed by the independent statutory valuers, amounted to €105,610.
On April 7, 2021, the Company acquired an additional shareholding (36.22%) in the subsidiary Aphrodite Springs Public Limited. Upon completion of the transaction the Company owns 96.22% of the shares of Aphrodite Springs Public Limited. Aphrodite Springs spread over 1,472 thousand sq.m. of land and is licensed to develop a golf course and 125 thousand sqm. of residential properties and properties of supplementary uses.
On May 6, 2021, the Company signed a Share Purchase Agreement with LAMDA DEVELOPMENT S.A for the acquisition of 100% of the shares of LAMDA ILIDA OFFICE S.M.S.A., 100% subsidiary of LAMDA DEVELOPMENT S.A. and owner of “ILIDA BUSINESS CENTER”, an office building in Maroussi. “ILIDA BUSINESS CENTER" is a Class A office building with a total superstructure area of 11,750 sq.m. and 277 parking spaces. The transaction will be concluded upon the completion of certain condition precedents as defined in the aforementioned share purchase agreement. The deadline for such completion is September 30, 2021. The consideration for the acquisition of the shares will be equal to the net asset value (NAV) of LAMDA ILIDA OFFICE S.M.S.A. as this will be determined, based on the provisions of the SPA, at the completion of the transaction.
On June 30, 2021 the Company acquired a land plot with a total area of 2.6 thousand sq.m. in which luxury residentials with modern specifications is aimed to be developed based on the principles of sustainability. The consideration for the acquisition of the land plot amounted to €4,400 while its fair value at the date of the acquisition, according to the valuation performed by the independent statutory valuers, amounted to €4,563.
In addition the Group has reported profit from continuing operations for the six-month period ended June 30, 2021, amounted to €108.8million vs €28.1million in H1 2020.
The Group’s net gain from fair value adjustment of investment property amounted to €57.3million (vs net loss of €5.5million in H1 2020) reflecting the positive trend of the commercial real estate sector in Greece.
The Group’s revenue for the six-month period ended June 30, 2021 amounted to €64.9million vs €68.2mn in H1 2020. Regarding the effects of the coronavirus pandemic (COVID-19) for H1 2021, the Group's rental income was not materially affected due to the small exposure of the Group's real estate portfolio to companies/tenants whose activity was affected by the pandemic. More specifically, the reduction in rental income for H1 2021 amounted to €1.6 million for the Group and €1.3 million for the Company.
The Group’s NAV as of June 30, 2021 amounted to €1,439.0million or €5.63 per share vs €1,367.9million or €5.35 per share, respectively as of December 31, 2020.
