The development in Aspropyrgos is in progress following the recently concluded acquisition of land that made the REIC. According to BriQ's executives the buildable area in Aspropyrgos expanded plot is up to 40.000 sqm.
The construction of the first warehouse building is currently in progress and the property is expected to be delivered by the end of 2021, while a tenant has already been found and is a Quest Group's subsidiary.
Ms. Anna Apostolidou, CEO of BriQ Properties REIC, said that BriQ has already inked a lease agreement with the tenant.
As of today the total investment in Aspropyrgos project stands at € 15million from which € 6.7million relate to land investments and the gross yield of the investment is just over 8%.
For the next two years, the REIC intends to invest both in new assets with priority to warehouses - due to their modestly higher returns, despite the pressures over 8% - and in new buy backs.
It is noted that the company operates with a leverage ρατιο that reaches 40% and its cost of capital currently stands at 2.25%.
During the conference call of the company, Ms. Apostolidou expressed her expectation of an extremely interesting shortrun for the Greek real estate market. "The number of transactions is increasing, the economy and tourism are picking up and the near future is expected to be interesting for real estate market," she commented.
Find out more in the REIC's financial statements.
