In particular, the Board of Directors recommends the approval by the General Assembly of the Company of the sale and transfer of 17 properties of the Company to the company with the name "BriQ Properties REIC" for a total price of € 60,577,000
In total today the company's portfolio consists of 34 properties with a total area of 43,757 sq.m. which is valued at €96.2 million (based on estimates by certified appraisers) Among them is the headquarters of Glaxo on Kifissia in Chalandri, which are not among the properties that will pass to BRIQ.
The sale of ICI's seventeen properties to BriQ is the first stage in the merger process through the absorption of ICI by BriQ. From the amount of the price, loan obligations related to the above properties are to be repaid.
After completion of the transfer, Ajolico (main shareholder of ICI with a percentage of approximately 78.78%) will transfer by sale to BriQ, ICI issue shares, which correspond to a percentage of approximately 25.92% of the share capital of ICI, (as this will be formed after the distributions of Stage A) for an amount of €10,200,000.
After the completion of this stage, the two REIC will proceed to a merger through the absorption of ICI by BriQ, with an exchange relationship that has been initially agreed as one ICI issue share for every 1.41787307238 new BriQ issue shares, while BriQ shareholders will retain the same number of common shares they own.
The process is expected to be completed within 2024.
